Anta Sports Offers to Acquire Pinault Family's 29% Stake in Puma: Sources

• Puma's market capitalization stands at 3.3 billion euros, down approximately 50% from the prior year, as sales declined with consumers favoring competitors like Adidas, On, and Hoka
• Artemis considers the Puma stake 'non-strategic' but will not sell at current market valuations, as the holding company faces investor scrutiny over debt levels accumulated during diversification efforts
• Anta made the offer weeks ago with secured financing but has not received a formal response from Artemis, and the situation has reportedly stalled

Anta Sports Offers to Acquire Pinault Family's 29% Stake in Puma

Key Transaction Details:

China's Anta Sports Products has made an offer to acquire the Pinault family's 29% stake in German sportswear company Puma, according to sources. The offer was submitted several weeks ago, with Anta securing financing for the potential transaction. However, negotiations have reportedly stalled, with Anta yet to receive a formal response from Artemis, the Pinault family's holding company.

Valuation and Expectations:

Artemis was anticipating bids exceeding €40 per share. At Wednesday's close, Puma's market capitalization stood at €3.3 billion ($3.85 billion)—down approximately 50% year-over-year. A senior Artemis source indicated the family would not sell at current market valuations, though they consider the stake "non-strategic."

Market Context:

Puma has experienced significant challenges, with steep sales declines as consumers shift to competitors including Adidas, On, and Hoka. Recent product launches like the Speedcat sneaker failed to generate expected market excitement. New CEO Arthur Hoeld unveiled a turnaround strategy in October to address these headwinds.

Strategic Background:

Hong Kong-listed Anta has established a track record of acquiring and revamping Western sports brands, notably leading a 2019 consortium to purchase Amer Sports (owner of Wilson and Salomon). The Pinault family acquired their Puma stake from Kering in 2018 during its transformation into a pure luxury conglomerate.

Broader Implications:

Artemis faces investor scrutiny over debt levels accumulated during diversification efforts, which include holdings in Kering, Christie's auction house, and CAA talent agency.