german sportswear maker Puma SE saw a significant jump in its stock price today following reports of acquisition interest from Chinese rival anta Sports Products Ltd. [[2]] The surge-the largest single-day gain since September-comes as puma navigates a challenging period marked by declining share value and a company-wide restructuring effort. While discussions remain preliminary, a potential deal could reshape the competitive landscape of the global athletic apparel industry.
Shares of Puma SE surged 14% during trading in Frankfurt today, marking the company’s strongest single-day gain since September. The jump followed reports that Chinese sportswear giant Anta Sports Products Ltd. is considering a potential acquisition of the German athletic apparel maker, according to sources familiar with the matter.
Anta Exploring Options
Hong Kong-listed Anta is working with an external consultant to evaluate a possible offer. Should it proceed, the company could partner with a private equity firm to finance the deal.
Anta, which owns brands including Fila and Jack Wolfskin, is a major player in the sportswear sector. The company’s market value has increased by approximately 10% in 2025, currently standing around $31 billion.
In 2019, a consortium led by Anta acquired Amer Sports for $5.2 billion. Amer Sports went public in New York in 2023, with Anta remaining its largest shareholder.
Other potential bidders may also emerge, including Chinese competitor Li Ning Co., which sources say is discussing financing options with banks and conducting an initial assessment of a potential offer.
Li Ning’s stock has risen roughly 8% since the beginning of 2025, valuing the company at nearly $6 billion. The company stated it remains focused on developing its own brand and is not engaged in “substantial” negotiations regarding Puma.
Japanese sportswear firm Asics Corp. has also been mentioned as a possible suitor.
Valuation a Key Consideration
However, discussions are in a very early stage, and the outcome of potential offers remains uncertain. A key factor will be the expected valuation from Puma’s largest shareholder, the French billionaire family Pinault.
Their holding company, Artémis, owned approximately 29% of Puma as of the end of last year. Prior to Thursday’s increase, Puma shares had lost 62% of their value in 2025, bringing the market capitalization down to just €2.5 billion. This decline underscores the challenges Puma faces in regaining investor confidence.
Puma Pursues Transformation
The German company is undergoing a significant transformation under the leadership of new CEO Arthur Hoeld. In July, the firm also appointed Andreas Hubert, a long-time Adidas executive, as its Chief Operating Officer.
Founded in 1948, Puma reported a net profit of $281.6 million and revenue of $8.8 billion for 2024. The brand maintains key partnerships with Manchester City, the Portuguese national football team, and the Danish men’s handball team.
Puma has already announced plans to cut an additional 900 jobs and increase its focus on running, football, and training apparel. The company also intends to revamp its marketing strategy to create more “engaging” product stories.
