HONG KONG / LONDON, November 27, 2025 – Chinese sportswear giants Anta Sports Products (2020.HK) and Li Ning (2331.HK) are reportedly exploring a potential takeover of Puma (PUMG.DE), the German sportswear brand facing declining sales and market value, according to sources familiar with the matter.

Both Hong Kong-listed firms are evaluating the possibility of a bid, potentially in partnership with private equity funds, though Puma’s market value, which has halved this year, presents challenges in reaching a mutually acceptable deal with the company’s largest shareholder, Artemis, the private holding company that controls Gucci owner Kering (PRTP.PA).

Puma Shares React to Acquisition Speculation

Following early reports by Bloomberg News, Puma shares jumped 15%, although the stock remains down 56% year-to-date, trading at €19.5 by mid-morning GMT. The company has declined to comment on the potential takeover, while Artemis has reiterated that it is considering all options for its 29% stake but is unlikely to sell at current market levels, instead relying on Puma’s CEO Arthur Hoeld to execute a successful turnaround.

Market Context and Competitor Pressure

The global sportswear market is increasingly competitive, with newer brands such as On Running and Hoka gaining popularity. Puma has struggled to keep pace with both emerging brands and its larger rival, Adidas, leading to declining sales.

In April 2025, Puma’s board replaced CEO Arne Freundt with Hoeld, previously Adidas’ sales chief, in an effort to reverse the decline. Hoeld’s strategy includes:

• Reducing excessive discounting and improving marketing efforts
• Streamlining the product range
• Cutting 900 corporate jobs

Despite these efforts, Puma is expected to report a loss for 2025, with management projecting a return to growth in 2027 after a “transition year” in 2026. Analysts have cautioned that Hoeld’s turnaround plan may mirror previous strategies without being radical enough to guarantee long-term recovery.

Valuation and Strategic Considerations

Puma’s current market valuation stands at €2.52 billion ($2.92 billion). In comparison, Anta Sports is valued at approximately $30 billion, Asics at $17.9 billion, and Li Ning at $6 billion, making any potential acquisition a complex negotiation involving both financial and operational considerations.

Li Ning clarified in a statement that it has not engaged in substantive negotiations regarding a Puma takeover, emphasizing its focus on brand growth and development. Anta Sports and Asics did not respond to requests for comment.

Broader Implications for the Sportswear Industry

The potential bid by Chinese companies underscores growing cross-border interest in European sportswear brands and reflects a strategic push by Chinese firms to expand their global footprint. A successful acquisition could provide Puma with the capital and strategic support needed to compete more effectively in an increasingly crowded market.

The Pinault family, which controls Artemis, acquired its Puma stake from Kering in 2018, as Kering pivoted toward focusing solely on luxury brands like Gucci and Saint Laurent. The outcome of any takeover discussions will be closely watched by investors and competitors alike.