Anta and Li Ning explore possible bid for Puma as valuation falls
Chinese sportswear giants Anta Sports and Li Ning are considering a potential takeover of German brand Puma, according to a source familiar with the discussions. The two companies are reviewing a possible offer but face difficulties agreeing on a valuation after Puma’s market value plunged more than 50% this year.
Puma’s largest shareholder, Artemis — the holding company tied to the Pinault family — has signaled it is open to options for its 29% stake but is unwilling to sell at the current price. The sharp decline has complicated negotiations, even as interest grows from multiple sides, including Japan’s ASICS, which is also reportedly assessing a bid, News.Az reports, citing Reuters.
Shares in Puma rose 15% after initial reports of takeover interest, though they remain down 56% compared to the start of the year. Li Ning said it has not held substantive talks, while Anta and ASICS have not commented.
Puma’s challenges have intensified amid rising competition from fast-growing brands such as On Running and Hoka. Weak sales led the board to replace former CEO Arne Freundt with Arthur Hoeld earlier this year. Hoeld has announced plans to cut discounts, sharpen marketing, streamline products, and reduce 900 corporate jobs as part of a turnaround strategy. Puma expects to post a loss this year and return to growth in 2027.
The company is currently valued at €2.52 billion, while Anta is worth around $30 billion, ASICS about $17.9 billion, and Li Ning roughly $6 billion.
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