The emblem of Puma SE displayed within the window of the flagship retailer in Berlin, Germany, on Wednesday, March 1, 2023. Puma forecast slower revenue development as new Chief Government Officer Arne Freundt confronts extra stock and better prices for advertising and marketing sneakers and attire. Photographer: Krisztian Bocsi/Bloomberg by way of Getty Photographs
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Puma shares jumped as a lot as 16% early Thursday following a report that China’s Anta Sports activities is amongst various companies trying to purchase the German athletic model.
Puma can also entice curiosity from Chinese language attire agency Li Ning and Japan’s Asics Corp, Bloomberg reported, citing unnamed sources.
Puma declined to remark and Anta Sports activities has but to answer a request for remark from CNBC.
The Frankfurt-listed shares have greater than halved 12 months up to now amid an more and more aggressive sportswear market and tariffs hitting buyer sentiment.
Shares had been up 14.5% by 9:30 a.m. London time (4:30 a.m. ET).
Puma shares year-to-date
CEO Arthur Hoeld, who was appointed on July 1, is tasked with reviving the ailing model. His turnaround plan includes reducing jobs, narrowing its product vary, and bettering advertising and marketing operations.
In late October, the corporate mentioned it’s aiming to determine itself as a “High 3 international sports activities model,” because it reported quarterly gross sales that fell on a double digit foundation. Puma acknowledged that key challenges included a muted model momentum, U.S. tariffs, and excessive stock ranges.
Puma’s largest shareholder is at present Artemis which holds a 29% stake within the firm. Artemis — the holding firm of France’s billionaire Pinault household in addition to the biggest shareholder of Gucci-owner Kering — has been on a spending spree and has seen its debt balloon.
Artemis’ valuation expectations for Puma could also be a significant hurdle to any transaction involving the athletic model, Bloomberg reported, citing folks conversant in the matter.