Puma, Asian groups Anta and Li Ning among potential buyers

The sportswear sector, and in particular trainers, is slowing down even with Nike's flagship company closing its fiscal year in May with revenues down 10% to $46.3 billion. It seems natural, therefore, in this context to consider a disengagement in the sector by the Pinault family, which according to increasingly frequent rumours has initiated contacts with potential buyers of Puma. On the other hand, the German brand, in which the Kering family holds a 29% stake through the Artémis holding company, has lost more than half its market capitalisation since the beginning of the year (-52%), despite a recovery in the last week (+14%) precisely because of rumours of a transfer of the majority stake.

Among the players interested in the brand, which in mid-July signed a record sponsorship deal with Manchester City for £1 billion (or around €1.1 billion) for the next 10 years (or €110 million per season), are Asian and US groups. Among the former are Anta Sports Products, owner of Fila and the Descente, Kolon Sport and Jack Wolfskin brands. The company was also part of the consortium that acquired Finland's Amer Sports Oyj (producer of Wilson rackets and Louisville Slugger baseball bats) in 2019 for around EUR 4.6 billion. Also from Asia would come the interest of Li Ning, founded in 1990 by the former Chinese gymnast of the same name, which produces and distributes professional and lifestyle sports footwear, clothing and accessories. Besides the main brand, it controls or holds licences for brands such as Double Happiness (table tennis), Aigle (outdoor) and Kason (badminton). But sovereign wealth funds from the Middle East could also enter the game.

The sports footwear sector is going through a difficult phase with several historical brands struggling to launch products capable of intercepting consumer tastes. The new generations, in fact, are choosing emerging brands such as On Holding, New Balance and Hoka.

Nike, which has always played a leading role in the industry, posted a lacklustre financial year with sales down 10% to $44.7 billion and net profit down 44% to $3.2 billion (equivalent to earnings per share of $2.16, down 42%). On the other hand, actions to stem rising inventories eroded margins: in detail, gross margin fell 190 basis points to 42.7%, mainly due to higher discounts, changes in channel mix, and higher inventory obsolescence reserves, partially offset by lower product costs. The American brand, which among others also sponsors Italian champion Jannik Sinner, is attempting to return to growth under the leadership of veteran Elliott Hill, thanks to new models such as the Vomero 18 running shoe, but the road does not seem the smoothest.

Of the competitor's difficulties, Adidas tried to take advantage, which regained commercial momentum with its retro Gazelle trainers. The group ended the first half of the year with revenues up 14% to EUR 12 billion, with the trainers segment contributing +16% compared to the same period in 2024.