Puma sprints in Frankfurt, is in the crosshairs of Asian groups

(II Sole 24 Ore Radiocor) - Puma jumped on the Frankfurt Stock Exchange, boosted by rumours of interest from some Asian competitors. The sportswear group's stock gained more than 15 per cent, the most in the Stoxx Europe 600 index. The Bloomberg agency, citing sources close to the matter, reported that Puma has attracted the interest of several groups in a possible takeover of the struggling group. Among the contenders is the Chinese group Anta Sports, which is reportedly considering the takeover in collaboration with a financial investor and has already appointed advisors. According to rumours, the Chinese manufacturer Li Ning and the Japanese Asics have also put Puma in their sights.

However, Li Ning, the company founded by the former world-famous gymnast of the same name, stated that it intends to maintain its one-brand strategy and that there are no 'substantial negotiations or evaluations' underway for Puma. No comment for the time being from the other groups, including Puma. Anta is considered by observers to be the most credible contender. The Chinese group has already acquired in 2019, in partnership with the financial investor FountainVest, Amer Sports, owner of well-known brands such as Atomic, Salomon and Wilson, as well as the outdoor companies Peak Performance and Arcteryx, and last spring took over the German outdoor brand Jack Wolfskin. Puma's stock closed Wednesday at EUR 17, close to its lowest level in ten years, with a market capitalisation of just over EUR 2.5 billion, after having lost more than half its value since the beginning of the year.

A crucial element for a takeover of Puma will be the position of Artemis, the family holding of the French billionaire and major shareholder of Kering, Francois Pinault, which holds a 29% stake in the German company. Artemis, which is heavily in debt, recently described its stake in Puma as 'non-strategic'. A spokesman for Artemis also stated in September that the company does not wish to sell at the current share price. Puma CEO Arthur Hoeld has been working for months to relaunch the company and revitalise the brand image. The new strategy should bear fruit by 2027 and return Puma to profitability. Once the third player in the sporting goods market, Puma has been overtaken by brands such as New Balance, Sketchers and Lululemon.