Chinese sportswear giant Anta Sports Products Ltd. is among several companies evaluating a possible takeover of Puma SE, according to people familiar with the matter.
Sources said the Hong Kong-listed group has been working with an adviser to assess a potential bid and may consider partnering with a private equity firm should it move forward. Rival Chinese apparel company Li Ning Co., is also said to be exploring an approach and has held early discussions with banks regarding financing options. Japan’s Asics Corp. is likewise viewed as a potential bidder.
Talks remain at an early stage, and it is unclear which parties will proceed. A major obstacle could be the valuation expectations of Puma’s largest shareholder, the billionaire Pinault family of France. Puma shares have fallen 62% in Frankfurt trading this year, valuing the business at US $ 2.89 billion.
Artémis, the Pinault family’s holding company, owned 29% of Puma at the end of last year, according to its annual report. Anta — owner of brands including Fila and Jack Wolfskin — has risen 9% in Hong Kong trading this year, giving it a market capitalisation of nearly US $ 31 billion. In 2019, an Anta-led consortium, which included FountainVest Partners, acquired Amer Sports for US $ 5.2 billion.
François-Henri Pinault, managing partner at Artémis, previously described the Puma stake as “interesting” but “not strategic”, and indicated that options regarding the holding were being kept open.
Puma, meanwhile, is attempting to revive its performance under new chief executive Arthur Hoeld, following several years of weak consumer enthusiasm. The company appointed former Adidas executive Andreas Hubert as chief operating officer in July; Hubert spent two decades at Adidas, most recently as chief information officer.
