Puma Attracts Bidders Amid Fierce Competition: Anta Sports, Li Ning, and Asics Now Assessing

China’s Anta Sports Products, Li Ning Co., and Japan’s Asics Corp. are reportedly evaluating potential bids to acquire German sportswear company Puma SE, according to Bloomberg, which cited individuals familiar with the discussions. The report triggered a sharp rise in Puma’s share price in Frankfurt, which climbed 12% on Thursday afternoon. Speculation about a possible sale has circulated since August, when reports first emerged that the Pinault family, which holds a 29% stake in Puma, was considering divesting its position.

The renewed takeover interest comes at a challenging time for Puma, which has been grappling with slowing demand across key markets. Competition has intensified not only from global leaders such as Adidas and Nike but also from rapidly expanding performance brands including On and Hoka. The market pressure has weighed heavily on Puma’s valuation: prior to the latest share-price rebound, the stock had fallen 62% since the start of the year, leaving the company with a market capitalization of roughly 2.5 billion euros.

Puma has been pursuing a turnaround strategy under new leadership installed this year. The company generated 281.6 million euros in net income and 8.8 billion euros in revenue last year, but recent performance shortfalls prompted further restructuring measures. In October, Puma announced an additional 900 job cuts and said it would concentrate more aggressively on its core categories of running, football, and training in an effort to stabilize growth and restore competitiveness.

Meanwhile, attention in the sportswear industry has also been drawn to NBA star Steph Curry, whose recent footwear choices have fueled speculation about his next endorsement partnership. Curry wore Puma’s HALI 1 sneakers in a game against the Houston Rockets on Wednesday, shortly after being seen in Nike shoes during a practice session. Images of his alternating footwear circulated widely on social media, prompting commentary about his “sneaker free agency.” Collaborations with top-tier athletes remain a critical driver of brand visibility, and Curry—now unattached following his departure from Under Armour—is viewed as a highly desirable partner. Neither Nike nor Puma has commented publicly on any ongoing discussions with the player.