The PUMA SE logo is displayed in the window of its flagship store in Berlin, Germany, on Wednesday, March 1, 2023. Puma expected profit growth to slow as new CEO Arne Freund faces excess inventory and rising marketing costs for sneakers and apparel. Photographer: Cristian Bosi/Bloomberg via Getty Images
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puma Shares rose as much as 16% early Thursday after reports that China’s Anda Sports was one of a number of companies looking to acquire German sports brands.
Puma could also attract interest from Chinese apparel company Li Ning and Japan’s Asics, Bloomberg reported, citing unnamed sources.
Puma declined to comment, and Anto Sports has not yet responded to a request for comment from CNBC.
Puma’s stock price has fallen by more than half since the beginning of the year as competition intensifies in the sportswear market and tariffs hit customer sentiment.
Puma’s stock price from the beginning of the year to the present
Chief Executive Officer Arthur Hold, who took over on July 1, is tasked with turning around the ailing brand. His turnaround plan includes job cuts, narrowing the product range and improving marketing operations.
The company announced in late October that it aims to establish itself as one of the “world’s top three sports brands” after seeing double-digit quarterly sales declines.
Puma admitted slowing brand momentum, US tariffs and high inventory levels were key challenges.
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