The athletics brand saw its shares leap in Frankfurt on Thursday after heavy losses earlier this year.
German sports brand Puma saw its share price rise over 14% on Thursday morning after a report that China’s Anta Sports is exploring a takeover.
Hours before the opening bell in Frankfurt, Bloomberg News reported that Hong Kong-listed Anta had been working with an adviser to evaluate a bid for Puma. The company may team up with a private equity firm if it decides to move forward with an offer.
Anta did not immediately respond to Euronews’ requests for comment, while Puma declined to comment.
Bloomberg’s report added that other potential bidders could include Chinese sportswear group Li Ning, which has been discussing financing options with banks, or Japanese sportswear companies such as Asics.
Asics did not immediately respond to Euronews’ request for comment.
In an emailed statement, a Li Ning spokesperson said that the company “remains committed to its core strategy of ‘Single Brand, Multi-categories, Diversified Channels’, and will continue to focus on the growth and development of the Li Ning brand.”
“As of now, the company has not engaged in any substantive negotiations or evaluations regarding the transaction mentioned in the news,” they said.
The takeover interest comes as Puma, which employed around 20,000 full-time workers at the start of 2025, is weathering a rocky financial period.
The German brand has lost more than three-quarters of its market value over the past five years as it struggles to retain ground in the competitive sportswear industry.
US tariffs on China and Vietnam, major manufacturing bases for Puma, are creating considerable uncertainty and eroding profit margins.
Analysts have also criticised the firm’s branding as it was slow to adapt to the retro trainers craze, spotlighting its Palermo and Speedcat shoes after Adidas had already tapped into the market with its Samba and Gazelle trainers.
“Amid ongoing volatile geopolitical and macroeconomic volatility, Puma anticipates that both sector-wide and company-specific challenges will significantly impact performance for the remainder of 2025,” Puma said in its third-quarter earnings report. “Key factors include a muted brand momentum, shifts in channel mix and quality, the impact of US tariffs, and elevated inventory levels.”
CEO Arthur Hoeld, appointed in spring as part of a shake-up effort, is pushing ahead with a transformation drive, hoping to return the company to growth by 2027.
To achieve this ambition, Puma announced 900 job cuts in October, adding to 500 layoffs reported earlier in the year.
Alongside reducing the firm’s product range, Hoeld is also seeking to switch up the company’s wholesale strategy, boosting direct sales to consumers rather than focusing on sales to discount retailers.
Looking ahead, a major roadblock to a Puma takeover could come in the form of resistance from France’s billionaire Pinault family.
Artémis, a holding company owned by the Pinault family, holds around 29% of Puma — acquired from Kering in 2018.
Earlier this year, Artémis said it was considering all options for the stake in Puma.
