Chinese sportswear maker Anta Sports Products is assessing a possible offer for Puma, joining a growing field of potential suitors for the German brand, as reported by Bloomberg.
The Hong Kong-listed group is working privately with a financial adviser to study a takeover proposal.
Some sources indicate that Anta could partner with a private equity investor if it opts to advance with a formal bid.
Rival Chinese sports apparel producer Li Ning Co is also examining a possible move for Puma.
The company, founded by the celebrated Chinese gymnast whose name it bears, has been exploring funding options with banks as it conducts an initial review of the target.
Japanese sportswear company Asics Corp could also show interest in Puma.
The talks remain at an early stage, and it is not yet clear which potential buyers, if any, will submit offers.
They added that the price expectations of Puma’s main shareholder, France’s billionaire Pinault family, could pose a significant obstacle to any deal.
Puma’s share price has fallen 62% in Frankfurt trading so far this year, leaving the business with a market capitalisation of about €2.5bn ($2.9bn).
Artémis, the Pinault family’s investment vehicle, held a 29% stake in Puma at the end of 2024, as set out in the sportswear company’s most recent annual report.
Market data shows Anta valued at $30bn, with Asics at $17.9bn and Li Ning at around $6bn.
An Anta-led consortium comprising Asian private equity company FountainVest Partners acquired Amer Sports - owner of labels including Salomon and Arc’teryx - for $5.2bn in 2019, underscoring Anta’s appetite for international assets.
Anta did not respond to requests from Bloomberg for comment, while representatives for Artémis, Asics and Puma declined to comment.
In response to a query from Bloomberg News, Li Ning stated that it remains focused on expanding its own brand and has not engaged in any substantive talks or assessments regarding Puma.
Puma has been under pressure as it faces intensifying competition in the global sportswear sector, where newer names such as On Running and Hoka have been gaining traction. The company has also been losing share to long-standing rival Adidas.
Amid declining sales, Puma’s board dismissed chief executive Arne Freundt in April 2025 and appointed Arthur Hoeld, formerly head of sales at Adidas, as his replacement.
In July, the company named another former Adidas executive, Andreas Hubert, as chief operating officer.
