Published by Global Banking and Finance Review
Posted on November 27, 2025
By Kane Wu
(Reuters) -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 on Thursday.
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.
SHARES STILL DOWN 56% FROM START OF YEAR
Puma shares were trading at 19.5 euros by 1015 GMT - down 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 did not immediately respond to Reuters' requests for comment.
On Friday, Asics denied that it had any interest in an acquisition of Puma, saying there were no such discussions or plans.
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.
ALL EYES ON PUMA TURNAROUND
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 euros ($2.92 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 U.S. 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.
($1 = 0.8617 euros)
(Reporting by Kane Wu in Hong Kong, Helen Reid in London, Rishabh Jaiswal in Bengaluru; Additional reporting by Rajveer Singh Pardesi and Shivani Tanna in Bengaluru, Linda Pasquini in Gdansk; Editing by Sonia Cheema, Mrigank Dhaniwala, Milla Nissi-Prussak, Conor Humphries)
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