China’s Anta & LI Ning Want Puma: Can the New CEO Turn Things Around in Time?

According to Reuters, Puma has been struggling with sales since the start of 2025. Things have been difficult since then. Notably, its market value has dropped by nearly half. Recent reports suggest that two major Chinese sportswear companies, Anta Sports and Li Ning, are considering buying Puma. These companies could likely team up with private equity firms (investment companies) to raise the money needed for this deal.

So will Puma accept the offer? Or does Puma have a turnaround plan? For all that, learn more. 

Selling Puma Will Not Likely Happen...

Yes, because Puma’s largest shareholder, Artemis, which owns about 29% of the company, doesn't want to sell at the current low price. Artemis is the holding company of the Pinault family (bought a stake in 2018).

According to Artemis, it's “considering options."

And it believes that Puma’s new CEO will turn the company around and increase value again. 

What About Asics?

According to a Bloomberg report, even ASICS (Japan) might also be interested in Puma. However, ASICS denied this, saying they're not in any takeover talks.

Valuations of the Companies Involved

• Puma → €2.52 billion
• Anta Sports → ~$30 billion
• ASICS → ~$17.9 billion
• Li Ning → ~$6 billion

Hence, Anta is the richest in the group and is better able to buy Puma.

How Is Puma Doing Right Now?

Numbers-wise, the company is not doing great:

• Its share price jumped 15% after the takeover news broke in the mainstream media. However, it's still down by 15%.
• Puma's current market value is 2.52 billion euros.
• Sales have significantly dropped (and are continuing to drop).
• Newer brands like On Running and Hoka have become more popular.
• Adidas, on the other hand (Puma's rival), is also doing better.

Because of this decline:

• Puma fired its CEO, Arne Freundt, in April.
• The company apparently hired Arthur Hoeld, a former Adidas sales chief, to fix things. 

What Is Puma’s Turnaround Plan?

According to Puma's new CEO, the company will:

• Give fewer discounts.
• Improve marketing.
• Reduce the number of products.
• Cut 900 corporate jobs.
• Put effort into recovering from issues such as lower demand and U.S. tariffs.

He also mentioned that:

• Puma will make a loss this year.
• He says 2026 will be a “transition year” for Puma with a turnaround plan in hand.
• Puma is expected to return to growth by 2027.

Several analysts say this plan is similar to the one the former CEO had and may not be strong.