After losing approximately half of its market value over the past year, one of German sportswear brand Puma's major shareholders, the Pinault family, has begun contacting potential buyers for the brand. The contact list includes well-known Chinese sporting goods companies such as ANTA SPORTS and Li Ning, as well as American companies and sovereign wealth funds from the Middle East. Caught between established rivals and emerging competitors, Puma finds itself trapped in a survival dilemma as a "non-leading brand," with market focus turning to whether potential buyers can replicate the "Arc'teryx-style" transformation miracle.

**Poor Performance Leads to Stock Price Halving**

According to reports, the Pinault family holds a 29% stake in Puma through its holding company Artémis. On August 25, foreign media citing informed sources reported that the Pinault family has hired advisors and made preliminary contact with potential buyers to gauge acquisition interest. The contact list includes well-known Chinese sporting goods companies such as ANTA SPORTS and Li Ning, as well as American companies and sovereign wealth funds from the Middle East.

Influenced by this news, Puma's stock price once surged 20%, recording its largest single-day gain since October 2001, with a current market value of approximately 3.2 billion euros. Previously, due to weak demand for athletic equipment and concerns over US tariffs, Puma's stock price had fallen 50% cumulatively over 12 months.

The emergence of share sale rumors in the market coincides with Puma facing challenges from multiple fronts during its development phase. In recent years, with the hosting of sporting events and public enthusiasm for outdoor activities like running, the sports market has flourished. According to public data, the global athletic footwear market size in 2024 was approximately $147.2 billion, up 5% year-over-year. Athletic brands have also achieved significant growth. In 2024, Adidas, On Running, Amer Sports, and Lululemon saw revenue increases of 12%, 33.2%, 18%, and 10% respectively; domestically, ANTA SPORTS recorded revenue growth of 13.6% during the same period, all exceeding Puma's growth rate.

Poor performance has been Puma's norm over the past two years. According to financial data, in 2024, Puma's revenue increased 4.4% year-over-year to 8.817 billion euros; however, net profit declined 7.6% year-over-year to 282 million euros. In 2023, Puma's sales increased 6.6% to 8.6017 billion euros; net profit fell 13.7% to 304.9 million euros. Regarding the performance decline, Puma mentioned in its 2024 financial report that "net profit declined due to increased net interest expenses and non-controlling interests during the reporting period." In its 2023 financial report, Puma noted: "Rising operating expenses impacted gross margins."

According to Zhou Ting, Dean of VIP Research Institute, as shopping channels become more diversified and convenient, the situation where various brands divide the market at certain levels or categories is changing. In the athletic footwear and apparel sector, a pattern is increasingly forming where leading brands capture mass customers while niche brands harvest high-end customers. The most challenging position is for brands that cannot enter the leading brand camp, and Puma finds itself in this awkward position, making performance decline inevitable.

**Asia-Pacific Region Shows Largest Decline**

Entering 2025, conditions continue to worsen. According to the company's Q1 fiscal 2025 report disclosed on May 8, Puma achieved revenue of 2.07 billion euros, up only 0.1% year-over-year, with net profit recording just 500,000 euros, showing obvious pressure. The company's Q1 report showed that Puma's largest performance decline was in the Asia-Pacific region, with sales falling 4.7% to 430.5 million euros. Puma attributed this decline to "continued weakness in the Greater China market," where sales dropped 17.7%. Growth in its key regional markets failed to sustain.

By product category, in the intensely competitive athletic footwear and apparel market, only shoe sales remain profitable for Puma. In Q1 2025, Puma's footwear sales increased 2.4% to 1.186 billion euros; apparel sales declined 1.5% to 594 million euros; accessories sales fell 5.7% to 296 million euros.

Puma's profit warning announcement also indicated that the company expects losses in 2025, though it did not disclose specific loss amounts. Puma simultaneously lowered its full-year sales expectations, with currency-adjusted sales expected to decline by at least 10%. Notably, the company had previously expected 2025 EBIT between 445-525 million euros, but this guidance has now been withdrawn. Regarding the performance reversal, Puma mentioned in its announcement: "Weak sales and the impact of US tariffs on gross margins are the main reasons for the downward revision."

In terms of overall revenue scale, Puma ranks behind Nike and Adidas. For fiscal year 2025 (June 2024 - May 2025), Nike's global revenue was $46.3 billion. In 2024, Adidas' global total sales were 23.683 billion euros, while Puma's were 8.817 billion euros.

Beyond performance pressures, Puma has also faced layoffs and leadership changes. Puma's management has experienced recent turbulence. In April, former CEO Arne Freundt was dismissed due to disagreements over brand strategy execution. Simultaneously, under operational pressure, Puma was forced to begin cost reduction. In Q1 this year, Puma announced plans to lay off 500 employees globally. The company stated that this layoff plan would be completed before the end of Q2.

**Who Will Take Over**

Entering 2025, Puma needs to find its own survival path. The potential transaction targets reportedly include ANTA SPORTS and Li Ning. Looking at these two companies, beyond the transaction target itself, what Puma might value includes their influence in the Greater China market.

Regarding this, ANTA SPORTS told media: "We do not comment on market rumors." Li Ning responded that the company adheres to its core development strategy of "single brand, multi-category, multi-channel" 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 transactions mentioned in the above rumors. All major information should be based on the company's official announcements. Puma stated it had no response to the market news.

Some analysts suggest that strategically, ANTA SPORTS appears more likely to acquire Puma. In 2009, ANTA SPORTS acquired FILA's trademark and operating rights in Greater China; in 2016, ANTA SPORTS formed a joint venture with Japanese sportswear brand DESCENTE, controlling the Greater China region; in 2017, ANTA SPORTS formed a joint venture with Korean sportswear brand Kolon Sport, controlling the Greater China region; in 2019, ANTA SPORTS completed the acquisition of Finnish sporting goods group Amer Sports, including brands like Arc'teryx, Salomon, and Wilson; in 2023, ANTA SPORTS made an equity acquisition of women's sportswear brand MAIA ACTIVE.

It was precisely after being acquired by ANTA SPORTS that Arc'teryx entered the fast track in the Chinese market. In 2019, Arc'teryx's Greater China operations were handed over to Xu Yang. Xu Yang originally worked at an advertising company, and under his leadership, Arc'teryx strengthened its high-end professional outdoor brand image while expanding to general sports enthusiasts.

In terms of channels, in 2020, Arc'teryx reclaimed operating rights for online channels and all outlet stores in China. Subsequently, it increased investment. According to Jiuqian data, from Q4 2020 to Q4 2023, Arc'teryx's average store area increased from 217 square meters to 313 square meters. Arc'teryx stores are mostly located in core areas on the first floors of large shopping centers, accounting for approximately 40%, adjacent to luxury brands.

Currently, Amer Sports has achieved profitability, and FILA has long been one of ANTA SPORTS' revenue pillars. In 2024, ANTA SPORTS Group's revenue increased 13.6% year-over-year to 70.826 billion yuan. During the same period, Amer Sports' revenue increased 17.8% year-over-year to $5.183 billion, converted to 37.752 billion yuan at applicable exchange rates. Combined, ANTA SPORTS Group and Amer Sports achieved revenue of 108.578 billion yuan. In Q1 this year, Amer Sports' revenue was $1.473 billion, up 26% year-over-year at constant currency; adjusted operating profit was $232 million, up 79% year-over-year.

Currently, given pessimistic performance expectations, Puma's future remains uncertain. According to foreign media citing informed sources, the sale negotiations are still ongoing, with no guarantee that a share transaction will be reached.