Artémis’s stake in Puma draws interest from Adidas and Authentic Brands

Following Adidas, speculation is now rife in Germany about potential suitors interested in Puma. From financial analysts’ notes to articles in the business press, nervousness surrounding the German sports and lifestyle giant over the past two years has fueled a range of scenarios, some of them far-fetched.

The share price of the world’s No. 3 player (behind American Nike and arch-rival Adidas) has seen its decline accelerate since early 2025. The stock peaked at 111 euros in November 2021 but has been sliding since, with a steep drop this year — down 60% in August — before a slight rebound.

While the situation of the Herzogenaurach-based group, which employs more than 18,000 people worldwide, is of particular concern in Germany, its future ownership structure raises questions. This has been especially true since Bloomberg revealed last summer that the Pinault family holding company, which has held 29% of the company’s shares since 2018, was sounding out potential buyers.

Last Friday, an article in Handelsblatt hinted at potential interest from arch-rival Adidas, prompting a flutter in Puma’s share price. But it was another article in Manager Magazin, published on Wednesday, that sent Puma — a constituent of the pan-European STOXX 600 index — up 16.78% on Wednesday evening. The magazine reported that Jamie Salter, CEO of the American group Authentic Brands, and Alex Dibelius, CVC’s Germany head — CVC being a major private equity player — have expressed interest in Artémis’s stake and would be ready to make an offer.

While François-Henri Pinault described Artémis’s stake in Puma as nonstrategic at Kering’s annual general meeting (Puma’s former owner until 2018), on September 11, a source close to the holding company made clear that it was not prepared to sell its stake at the market price. “Would we sell at that level? No way. (…) We consider Puma to be worth much more than that,” the source said at the time, without, however, closing the door to a future sale.

On Friday, no details emerged of any formal offer, while the share price, which had passed the 23-euro mark, eased slightly to 21.74 euros. The group’s market capitalization stands at €3.23 billion.

From an operational standpoint, the strategic rationale for Adidas’s interest — having focused on its Three Stripes brand in recent years — appears debatable. The group has, moreover, sold Reebok to Authentic Brands. The American group specializes in managing brand licenses and is one of the most active acquirers in the fashion, luxury and sports sectors. In its portfolio, however, it still needs to successfully relaunch Reebok. Would that be a hindrance to a Puma takeover? Not necessarily. The question, rather, is how much Jamie Salter’s company would be willing to pay for Puma, now led by Arthur Hoeld. The German group, which reported revenue rising to 8.8 billion euros, expects an operating loss in 2025.

With Reuters