China’s Anta Sports is reportedly looking to buy the firm
The Puma SE logo was displayed in the window of its flagship store in Berlin, Germany, on Wednesday, March 1, 2023. Puma is forecasting slower profit growth as new Chief Executive Officer Arne Freundt faces excess inventory and higher costs in marketing sneakers and apparel. Photographer: Krisztian Bocsi/Bloomberg via Getty Images
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Puma Shares rose as much as 16% in early Thursday trading after a report that China’s Anta Sports was among several firms looking to buy the German athletics brand.
According to Bloomberg, citing unnamed sources, Puma may also attract the attention of Chinese clothing company Li Ning and Japanese Asics Corp.
Puma declined to comment and Anta Sports has not yet responded to CNBC’s request for comment.
Puma shares have lost more than half their value so far as an increasingly competitive sportswear market and tariffs weigh on customer sentiment.
Puma’s shares since the beginning of the year
CEO Arthur Hoeld, appointed on July 1, was tasked with reviving the troubled brand. The turnaround plan includes cutting jobs, tightening product lines and improving marketing operations.
In late October, the company announced that it was aiming to position itself among the “Top 3 sports brands in the world”, reporting that quarterly sales fell on a double-digit basis.
Puma acknowledged that key challenges include slowing brand momentum, US tariffs and high inventory levels.
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