Puma shares pop 13% after report China’s Anta Sports is looking to buy the sportswear giant
The logo of Puma SE displayed in the window of the flagship store in Berlin, Germany, on Wednesday, March 1, 2023. Puma forecast slower profit growth as new Chief Executive Officer Arne Freundt confronts excess inventory and higher costs for marketing sneakers and apparel. Photographer: Krisztian Bocsi/Bloomberg via Getty Images
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Puma shares jumped as much as 16% early Thursday following a report that China’s Anta Sports is among a number of firms looking to buy the German athletic brand.
Puma may also attract interest from Chinese apparel firm Li Ning and Japan’s Asics Corp, Bloomberg reported, citing unnamed sources.
Puma declined to comment and Anta Sports has yet to respond to a request for comment from CNBC.
Puma shares have more than halved year to date amid an increasingly competitive sportswear market and tariffs hitting customer sentiment.
Puma shares year-to-date
CEO Arthur Hoeld, who was appointed on July 1, is tasked with reviving the ailing brand. His turnaround plan involves cutting jobs, narrowing its product range, and improving marketing operations.
In late October, the company said it is aiming to establish itself as a “Top 3 global sports brand,” as it reported quarterly sales that fell on a double digit basis.
Puma acknowledged that key challenges included a muted brand momentum, U.S. tariffs, and high inventory levels.
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