China’s Anta Sports Products has made an offer to acquire the Pinault family’s 29% stake in German sportswear group Puma, opening the door to a potential change in ownership, says Reuters.

Anta submitted the proposal several weeks ago and has secured financing should a transaction proceed. However, one source said discussions have stalled, and there is no certainty a deal will be agreed.

The stake is held through Artemis, the investment vehicle controlled by the Pinault family, which also controls luxury group Kering. Artemis acquired the Puma holding in 2018, when Kering spun off the sportswear brand to focus exclusively on luxury.

Artemis has been seeking a valuation exceeding €40 per share for its Puma stake, a person with knowledge of the talks said. Puma’s shares rose as much as 9% following the Reuters report, lifting its market capitalisation to about €3.3bn, or roughly $3.9bn. The company’s valuation remains down about 50% year-on-year amid falling sales and weak demand for recent product launches.

Anta has a track record of acquiring and revamping Western sports brands. In 2019, it led a consortium to acquire Amer Sports, owner of Salomon and Wilson. 

The potential transaction highlights renewed strategic and financial interest in underperforming global consumer brands, as long-term shareholders reassess non-core holdings.

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