Puma could be sold as Pinault family weighs next move

The Pinault family is exploring strategic options for German sportswear giant Puma SE — including a potential sale — after the brand lost nearly half its market value over the past year, according to people familiar with the matter.

The French billionaire family has enlisted advisers and approached potential buyers, including China’s Anta Sports Products Ltd. and Li Ning Co., to gauge interest, the sources said, requesting anonymity as the discussions are private. Other U.S.-based sportswear firms and sovereign wealth funds in the Middle East have also been contacted.

The Pinaults currently hold a 29% stake in Frankfurt-listed Puma through their holding company, Artémis, which also controls French luxury group Kering SA. Any sale is expected to command a significant premium, the sources added.

Puma shares have declined 50% over the past 12 months, impacted by weakened demand for sports apparel and concerns over U.S. tariffs. The company’s market capitalization now stands at around €2.6 billion ($3 billion).

Talks are ongoing and there is no guarantee that a transaction will be finalized, the sources said.

A spokesperson for Puma declined to comment, while representatives for Artémis, Anta and Li Ning did not respond to requests for comment.

Puma is currently in the midst of a strategic turnaround led by Chief Executive Officer Arthur Hoeld, as it works to revive consumer interest in its offerings. Despite the efforts, the company issued a profit warning last month, underscoring the challenges ahead.

As part of the restructuring, Puma recently appointed former Adidas executive Andreas Hubert as chief operating officer. Hubert, a 20-year Adidas veteran, previously served as the group’s chief information officer.

Founded in 1948, Puma reported €281.6 million in net income last year, with annual sales reaching €8.8 billion. The brand employs approximately 22,000 people worldwide and sponsors major teams including Premier League club Manchester City, the Portugal national football team, and Denmark’s men’s handball team.

Anta’s portfolio includes brands such as Fila, Descente, Kolon Sport and Jack Wolfskin. In 2019, it led a consortium that acquired Amer Sports Oyj — maker of Wilson tennis rackets and Louisville Slugger baseball bats — for €4.6 billion.

Li Ning, established in 1990 by the celebrated Chinese gymnast of the same name, designs and markets athletic and casual footwear, apparel and accessories. In addition to its core brand, the company operates or licenses others, including Double Happiness (table tennis), Aigle (outdoor gear), and Kason (badminton equipment).