China’s Anta Sports Products has made an offer to acquire a 29% stake in struggling German sportswear brand Puma from France’s Pinault family, according to sources familiar with the discussions.
The offer was made several weeks ago, and Anta has already secured financing for the potential acquisition, two of the sources said. However, negotiations have since stalled, one source added. All sources spoke on condition of anonymity as the talks are private.
The Pinault family’s investment vehicle, Artemis, is said to be seeking a price of more than €40 per share for its Puma stake, a separate source told Reuters. Artemis is led by François-Henri Pinault, chairman of luxury group Kering.
The Pinault family acquired the stake in 2018, when Kering divested Puma as part of its strategy to become a pure luxury-focused group.
Both Artemis and Puma declined to comment, while Anta did not immediately respond to a request for comment.
Puma’s market capitalisation stood at €3.3 billion (US$3.85 billion or RM15.6 billion) at Wednesday’s close, roughly half its value a year earlier, as the company grapples with declining sales and weak consumer demand.
The sportswear group appointed Arthur Hoeld as chief executive officer in October, unveiling a turnaround plan after recent sneaker launches, including the Speedcat, failed to gain traction. Sales have also suffered as consumers shifted towards competitors such as Adidas, On and Hoka.
Hong Kong-listed Anta, known for acquiring and revitalising Western sports and lifestyle brands, has previously explored a bid for Puma. In 2019, Anta led a consortium that acquired Amer Sports, the owner of brands including Wilson and Salomon.
A senior source close to Artemis said in September that the Pinault family viewed its Puma stake as non-strategic, but was unwilling to sell at the company’s then-prevailing valuation. Puma shares have since rebounded by about 15%.
Artemis, which controls Kering, auction house Christie’s and talent agency CAA, has faced investor scrutiny over rising debt levels built up as the Pinault family diversified beyond luxury amid a slowdown in global luxury demand.
