The PUMA SE logo is displayed in the window of its flagship store in Berlin, Germany, on Wednesday, March 1, 2023. Puma expected profit growth to slow as new CEO Arne Freund faces excess inventory and rising marketing costs for sneakers and apparel. Photographer: Cristian Bosi/Bloomberg via Getty Images
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puma Shares rose as much as 16% early Thursday after reports that China’s Anda Sports was one of a number of companies looking to acquire German sports brands.
Puma could also attract interest from Chinese apparel company Li Ning and Japan’s Asics, Bloomberg reported, citing unnamed sources.
Puma declined to comment, and Anto Sports has not yet responded to a request for comment from CNBC.
The Frankfurt-listed stock has fallen by more than half since the beginning of the year as competition in the sportswear market and tariffs hit customer sentiment.
By 9:30 a.m. London time (4:30 a.m. ET), the stock was up 14.5%.
Puma’s stock price from the beginning of the year to the present
Chief Executive Officer Arthur Hold, who took over on July 1, is tasked with turning around the ailing brand. His turnaround plan includes job cuts, narrowing the product range and improving marketing operations.
The company announced in late October that it aims to establish itself as a “top three sports brand in the world” after seeing double-digit quarterly sales declines. Puma admitted slowing brand momentum, US tariffs and high inventory levels were key challenges.
Puma’s largest shareholder is currently Artemis, which holds 29% of the company’s shares. Artemis — holding company of the French billionaire Pinault family and the largest shareholder of Gucci owner kering — Continuing to spend extravagantly and racking up debt.
Bloomberg reported, citing people familiar with the matter, that Artemis’ expected valuation for Puma could be a major hurdle to any deal involving the sports brand.
