China's Anta Sports and Li Ning exploring bid for Puma, source says
Chinese sportswear firms Anta Sports Products and Li Ning are among those exploring a potential takeover of struggling German sportswear brand Puma, a source with knowledge of the matter said today.
Both Hong Kong-listed firms are evaluating a bid but a halving of Puma's market value this year makes it difficult to agree a deal valuation with Puma's biggest shareholder Artemis, the privately-owned holding company that controls Gucci owner Kering, the source said.
The two Chinese firms may team up with private equity funds for the potential takeover, the source added.
Shares in Puma jumped 15% after an earlier report by Bloomberg News that Anta and Li Ning were evaluating a bid and that Japanese sportswear company ASICS may also be interested.
But its shares are still down about 56% from the start of this year. The company declined to comment on the possible bid when contacted by Reuters.
Artemis has said it is considering all options for its 29% stake, but a source close to the firm told Reuters in September it would not sell at the current market value , making it clear it is banking on a successful turnaround by Puma's new CEO Arthur Hoeld.
Anta Sports and ASICS did not immediately respond to Reuters' requests for comment.
Li Ning said in an emailed statement to Reuters that the company "has not engaged in any substantive negotiations or evaluations regarding the transaction mentioned in the news", adding that the company continues to focus on the growth and development of its brand.
In an increasingly competitive sportswear market with newer brands like On Running and Hoka becoming more popular, Puma has lost ground to both new players and its bigger arch-rival Adidas. As sales declined, Puma's board in April fired CEO Arne Freundt and named Hoeld, previously sales chief at Adidas, to replace him.
Puma's market valuation is currently at €2.52 billion, according to LSEG data. Anta's valuation is around $30 billion, while Asics is worth $17.9 billion and Li Ning is $6 billion.
Hoeld in October said the brand would discount less, improve marketing, cut its product range, and cut 900 corporate jobs as part of a turnaround plan to recover from setbacks including falling demand and US tariffs.
Puma will make a loss this year, Hoeld said, and return to growth in 2027 after a "transition year" in 2026. But analysts have said his turnaround strategy is similar to his predecessor's and may not be radical enough.
The Pinault family, which controls Artemis, acquired its Puma stake in 2018 from Kering when the luxury group transformed into a pure luxury player focused on brands like Gucci and Saint Laurent.
