Chinese sports apparel company Anta Sports Products Ltd. is exploring a potential takeover of German sportswear firm Puma SE, according to sources familiar with the matter, Bloomberg reported. Hong Kong-listed Anta has been working with an adviser to evaluate a bid and may collaborate with a private equity firm if it proceeds.
Other potential bidders include rival Chinese firm Li Ning Co., which is reportedly reviewing financing options. Japanese sportswear company Asics Corp. could also express interest, according to the sources. However, deliberations are preliminary, and it remains unclear which suitors will submit formal offers.
Puma’s biggest shareholder, the Pinault family of France, has high valuation expectations that may complicate any deal. The company’s shares have fallen 62% in Frankfurt this year, giving it a market value of roughly €2.5 billion ($2.9 billion). At the end of last year, the family’s Artémis holding company owned 29% of Puma.
Anta, which owns brands including Fila and Jack Wolfskin, has gained 9% in Hong Kong trading this year, giving it a market value of nearly $31 billion. In 2019, an Anta-led consortium including Asian buyout firm FountainVest Partners paid $5.2 billion to acquire Amer Sports, owner of brands such as Salomon and Arc’teryx. Li Ning’s stock has risen 7% in 2025, with a market value approaching $6 billion.
Puma has been attempting to revamp its operations under CEO Arthur Hoeld after struggling to generate strong consumer interest in recent years. In July, the firm appointed former Adidas executive Andreas Hubert as chief operating officer. Hubert, a 20-year veteran of Adidas, previously served as the company’s chief information officer.
Representatives for Anta, Artémis, Asics, and Puma declined to comment. Li Ning stated it remains focused on growing its brand and has not conducted substantive negotiations or evaluations regarding Puma. François-Henri Pinault, managing partner at Artémis, said in September that the Puma stake is “interesting” but “isn’t strategic,” and options regarding the holding remain open.
