According to informed sources, Chinese sportswear company ANTA Sports is among the firms evaluating a potential acquisition of Puma.

The sources indicated that ANTA is working with advisors to assess bidding strategies for Puma. The individuals requested anonymity as the discussions remain confidential. Some insiders noted that if ANTA proceeds with an offer, it may collaborate with a private equity firm.

Other potential bidders could include ANTA’s rival Li Ning, which has reportedly held preliminary financing talks with banks regarding Puma. The sources also suggested that Puma might attract interest from other sportswear brands, such as Japan’s ASICS.

Discussions are still in early stages, and it remains unclear which bidders will move forward. Insiders added that valuation expectations from Puma’s largest shareholder—French billionaire François Pinault’s family—could pose a major hurdle to any deal.

Puma’s shares have fallen 62% this year in Frankfurt, giving the company a current market capitalization of €2.5 billion (approximately $2.9 billion).

According to company filings, Pinault’s holding company, Artémis, owned a 29% stake in Puma as of the end of last year.