Chinese Firms Anta and Li Ning Explore Bid for Puma Amid Struggles

Post by : Saif Nasser

Chinese sportswear companies Anta Sports and Li Ning are reportedly exploring a potential takeover of German sportswear brand Puma, which has been struggling in recent years. The news comes as Puma’s shares jumped 15% following reports of interest from the Chinese firms, though the company’s stock remains down over 50% year-to-date.

According to sources familiar with the matter, Anta and Li Ning are evaluating a bid for Puma and may partner with private equity funds to complete the deal. However, the sharp decline in Puma’s market value this year has made agreeing on a valuation with the brand’s largest shareholder, Artemis, challenging. Artemis is the privately-owned holding company that controls the luxury group Kering, owner of Gucci.

Puma’s market valuation currently stands at 2.52 billion euros ($2.92 billion). For comparison, Anta Sports is valued at around $30 billion, Li Ning at $6 billion, and Japanese sportswear company Asics at $17.9 billion. While Asics was also reported as a potential bidder, the company denied having any interest in acquiring Puma. Li Ning stated that it has not engaged in substantive negotiations regarding the potential transaction and remains focused on its own brand growth.

Puma has faced a series of challenges in an increasingly competitive sportswear market. Rising brands like On Running and Hoka, alongside strong rivals such as Adidas, have put pressure on Puma’s sales. In response, the company’s board replaced former CEO Arne Freundt with Arthur Hoeld, previously head of sales at Adidas. Hoeld has outlined a turnaround plan including reducing corporate jobs by 900, streamlining the product range, improving marketing, and limiting discounts. He expects Puma to make a loss this year but aims for growth to return in 2027 after a “transition year” in 2026.

Artemis, which acquired its Puma stake from Kering in 2018, has indicated that it will not sell at current market prices and is hoping for a successful turnaround under Hoeld. Analysts note that Hoeld’s strategy bears similarity to previous efforts and may not be radical enough to immediately reverse Puma’s fortunes.

The potential bid by Anta and Li Ning highlights the growing interest of Chinese firms in international acquisitions, particularly in the sportswear sector, as they seek global expansion. For Puma, a successful takeover could provide much-needed investment and strategic support, although final negotiations and valuations remain complex due to the brand’s current financial challenges.

Puma’s future will be closely watched by investors, industry analysts, and competitors alike, as the company navigates its turnaround plan while exploring new ownership possibilities. The coming months will reveal whether Anta, Li Ning, or other interested parties can reach an agreement with Artemis and influence the next chapter of Puma’s global presence.