Struggling German sportswear brand Puma has attracted attention from potential acquirers. On November 27, media reports indicated that ANTA SPORTS and other companies are evaluating a possible acquisition of Puma, sending its shares soaring 14% in early trading and making it a market focus. The stock had earlier this month hit its lowest level in over a decade, with year-to-date losses exceeding 50%.

Sources familiar with the matter revealed that ANTA SPORTS is assessing a potential takeover of the sportswear manufacturer. Additionally, Chinese rival LI NING and Japanese sportswear company ASICS may also express interest in Puma. The acquisition rumors emerge as Puma navigates what it calls a "reset period," grappling with multiple challenges including a sharp post-pandemic sales decline, weakened brand appeal, high inventory levels, and intensifying competition in the sportswear market amid tariff pressures.

**Asian Giants Eye Acquisition Opportunity** Reports suggest that major Asian sportswear players, including ANTA SPORTS, LI NING, and ASICS, could be interested in acquiring Puma. The potential buyers' interest reflects Asian brands' ambitions for global expansion.

Analyst Felix Dennl noted that for ANTA SPORTS, acquiring Puma could serve as a gateway into Western markets, given the Chinese company’s strong track record in turning around underperforming assets. However, he added:

"On one hand, ANTA already has broad international exposure through its stake in Amer Group, so the incremental value Puma would bring to its portfolio isn’t entirely clear."

Meanwhile, LI NING stated in an email: "As of now, the company has not engaged in any substantive negotiations or evaluations regarding the transaction mentioned in the reports."

Puma’s largest shareholder, Artemis—the holding company of French billionaire Pinault family and the majority owner of Gucci parent Kering—holds a 29% stake in Puma. Artemis has been aggressively spending, leading to mounting debt.

Reports suggest Artemis’ valuation expectations for Puma could pose a major hurdle to any potential deal.

**Puma’s Operational Struggles Drive Reset Plan** Earlier this month, Puma’s shares plunged to their lowest level in more than a decade, with year-to-date losses exceeding 50%. The poor performance reflects heightened competition in sportswear and tariff impacts on consumer sentiment.

Puma faces significant operational challenges. On October 30, it reported double-digit quarterly sales declines, citing weak brand momentum, U.S. tariffs, and high inventory levels.

In July, the company revised its 2025 guidance, now expecting low double-digit percentage sales declines compared to prior projections of low-to-mid single-digit growth.

Puma also anticipates an operating loss in 2025, a stark reversal from earlier profit forecasts of €445–525 million ($516 million).

New CEO Arthur Hoeld, who took office on July 1, is leading the turnaround effort. His revival plan includes layoffs, streamlining product offerings, and improving marketing operations.

Hoeld stated on October 30:

"In late July, we said 2025 would be a reset year. Since then, we’ve taken significant steps to clean up Puma’s distribution channels, enhance cash management, and reset operating expenses. By expanding cost-efficiency measures, we are swiftly addressing challenges to make the business more efficient and resilient."