Beaten-down Puma shares are soaring. The sportswear maker may have a suitor.

By Barbara Kollmeyer

Puma shares have slid 60% this year

Puma sneakers worn by Tyler Kolek #13 of the New York Knicks on October 17, 2025 in New York City. The struggling German sportswear company's shares were surging Thursday on bid speculation.

Shares of one of Europe's worst-performing companies this year - Puma - were soaring on Thursday after reports a Chinese suitor and possibly others might be circling.

The German sportswear maker's stock (DE:PUMA), down 50% this year and the second-worst performing Stoxx Europe 600 XX:SXXP company behind WPP (WPP) (UK:WPP), climbed 22%.

Anta Sports Products (HK:2020), a Chinese sporting apparel group is reportedly among several firms mulling a takeover for Puma, Bloomberg reported, citing sources. Anta may join forces with a private equity group in case it moves forward with a bid. Puma may also draw interest from Li Ning (HK:2331), a Chinese clothing company and Japan's Asics Corp. (JP:7936), the report said.

Anta, home to Fila and Jack Wolfskin brands, is ranked third largest sportswear company in terms of revenue, according to marketing research group Deep Market Insights, which ranks Puma at No. 8.

Puma, whose market cap has tumbled to EUR2.29 billion ($2.65 billion) this year, has been attempting a revamp under CEO Arthur Hoeld, who was appointed earlier in 2025, announcing a turnaround plan and job cuts in October.

"There appears to be no shortage of suitors for Puma which increases the likelihood that a takeover materializes," Victoria Scholar, head of investment at Interactive Investor, told clients in a note.

"Clearly Anta Sports is looking to capitalise on Puma's depressed share price, striking while the iron's hot at a time when the company's shares are clearly in a vulnerable position," Scholar wrote. "It has battled with weak demand from its biggest markets, U.S. trade tariff uncertainty and declining sales. Last month it announced plans to cut 900 corporate jobs and reduce its reliance on discounting as it tries to revive the business."

A spokesman for Li Ning said the company "has not engaged in any substantive negotiations or evaluations regarding the transaction mentioned in the news," in emailed comments.

Puma declined to comment. MarketWatch also reached out to Anta Sports and Asics for comment.

-Barbara Kollmeyer

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