The Puma Takeover Rumours Just Won't Go Away
Plus, SportsVerse sat down with Bess Spaeth, executive vice president, global brand management and experiences at American Express, to talk about the company's growing investment in sports culture.
Hi everyone, welcome back to SportsVerse, my twice-weekly newsletter that tells stories you can’t find anywhere else about the intersection of sports, fashion, business, and culture. I hope my U.S. folks had a lovely break over Thanksgiving.
There’s nothing like some sexy M&A gossip to spice things up as we enter the festive season. The sportswear world sure has been delivering on that front in recent weeks. When I was a corporate lawyer (true story, sadly), I had a stint in my firm’s M&A practice, so I do enjoy when these worlds intersect.
First, there was the intense speculation as to what would become of Stephen Curry’s $100 million Curry Brand sneaker and apparel business, cut loose by Under Armour and told it could find a new retail partner effective immediately.
More recently, there have been swirling rumours of a separate acquisition across the pond, this time regarding Puma, which just don’t seem to be going away. Initially, a few weeks ago, there were the (honestly ludicrous) claims that Puma could be acquired by Adidas in the near future. Serious people were not paying that one much attention.
Last week, however, fresh reports emerged, suggesting that Chinese sportswear giants Anta and Li-Ning were both weighing up potential bids to acquire the struggling German sportswear giant, which caught the attention of analysts and industry insiders alike.
Investors certainly seemed to like the idea of a Chinese takeover, with Puma stock jumping as much 18 percent following the reports last week. Puma stock only rose 5 percent weeks earlier on news of the Adidas takeover rumours, which indicates how much credence the stock market gave to those reports, in comparison.
Why Is Puma an Acquisition Target?
Earlier this year, I analysed the factors behind Puma’s slow and ominous slump, in contrast with the rejuvenation of its German neighbour and rival Adidas, in this piece here.
M&A rumours surrounding Puma were initially sparked earlier this year when Artemis (the Pinault family holding company which also controls luxury conglomerate and Gucci-owner Kering), was said to be looking to divest its majority stake in the German sportswear giant. However, back in September, Reuters reported that Artemis — which owns 29 percent of Puma stock — would not be exploring a sale of its stake given the weak valuation it would receive on account of the company’s weakened share price. Things certainly have not improved in that regard. The company’s shares are down 47 percent since the beginning of 2025. Artemis will likely conclude that it could be time to cut its losses sooner rather than later, should an appropriate bid materialise.
Puma had been treading water for several years, especially since its former CEO, Bjørn Gulden, who had done wonders for the business during his near 10-year tenure, was poached by Adidas at the end of 2023. But over the past year or so, things have begun to get ugly. Puma’s third quarter earnings this year provide a telling snapshot: sales decreased 10.4 percent year-over-year, while the brand also recorded a €62.3 million loss.
Recent months have seen significant upheaval at the company founded in 1948 by Rudolph Dassler, brother of Adidas founder Adolf “Adi” Dassler, the result of a bitter feud that would change the course of the sportswear market forever. There has been CEO changes, wider leadership reshuffles and mass layoffs due to organisational restructuring.
Puma’s struggles make it an appealing takeover prospect due to the brand’s storied history, iconic IP, legendary sneaker and apparel franchises and myriad team, tournament and athlete partnerships across a plethora of sports, all around the world. Potential acquirers would be hoping to acquire the brand at a discount, with the possibility of making a significant return if they can steady the ship and return Puma to growth mode and profitability once again.
Is There a Likely Candidate to Acquire Puma?
There’s only one realistic option so far: Anta Sports. And it’s still a big if at this stage. Per Bloomberg, Anta has been working with advisors to explore the feasibility of an acquisition, and that’s as far as things have gone.
Many people are unfamiliar with Anta, but the company is actually a major player when stacked up against the rest of the category. It’s a heavy hitter Chinese sportswear brand in its own right, manufacturing top-tier performance footwear and apparel in a range of sports from running to basketball. Until very recently, Anta only sold products in Asia (which makes its annual revenue of $9.85 billion all the more impressive).
The brand has begun to make inroads into the North America market — which is inherently suspicious of Chinese-made sports goods in favor of homegrown brands like Nike — after signing major signature deals with NBA stars like Kyrie Irving and hosting pop-ups in key locations like New York. At nearly $10 billion in annual revenue, Anta is comfortably up there as one of the largest sportswear companies in the world outside of Nike and Adidas, coming in ahead of the likes of New Balance, Asics, On and Puma itself.
On top of that, Anta has financial and infrastructural leverage in the world of sportswear and fashion far greater than most people realise. The company is one of the major shareholders of Amer Sports, the Finnish holding company which owns brands including Salomon, Arc’teryx and Wilson. Amer Sports (AS 0.00%↑) listed on the New York Stock Exchange in February 2024, and the roaring success of its flagship brands has seen its stock rise 150 percent since then. Anta also operates the Fila brand in China, along with a handful of others.
Anta has the scale, infrastructural capabilities, audience, and necessary global presence to house the Puma brand. Success would look like an acquisition that allows Anta to take Puma private, delisting it from the stock market to give it time and less scrutiny to revamp the business, restructure and get it firing once again. Puma is a brand with a lot of charm and goodwill from the sneaker/fashion communities, and still has a lot going for it — it just needs to be unlocked.
There is recent precedent for such a deal in the sneaker category: Skechers (which generated $8.97 billion in 2024) was acquired and taken private seemingly out of nowhere earlier this year by 3G Capital for $9.42 billion.
I think an Anta acquisition of Puma would be smart from a fiscal/business POV, but I echo one of the points shared in this fascinating piece by Nick Engvall @ Sneaker History, who has concerns over the protection and cultural integrity of the Puma brand should it fall into the hands of a new owner.
Exec Q&A: Why American Express Is Going Deep Into Sports Culture
As many of you know, two weekends ago, I found myself in Las Vegas for the first time. You can read more about my experiences here.
Being at the breathtaking F1 track, which weaved in and out of the city’s streets, it was almost impossible to go anywhere without seeing traces of the American Express brand everywhere. In the F1 Academy paddock was Nicole Hvrada’s car, complete with its Amex platinum card livery which shimmered under the Vegas lights as it tore round the track. The Sphere — just about visible from any vantage point around town, even bore a commercial for Amex. The official F1 merch hub inside The Venetian — which had literally thousands of people queuing for hours in lines that stretched outside the building all weekend — was also sponsored by Amex and featured Amex-exclusive products, including collaborations with brands such as Hello Kitty and Malbon.
Amex had turned Vegas into a walking billboard — showing up in myriad ways, from on-track moments such as the F1 Academy to more exclusive events such as a low key party for The Only Caviar, Aaron Paul’s caviar business, or an opening night party at Carbone Riviera. And it’s not just Formula 1 getting this treatment from Amex. I noticed the same thing at the US Open over the summer. I wanted to dig deeper into the significant investment that Amex is now making to be omnipresent in sports culture.
I caught up with Bess Spaeth, executive vice president, global brand management and experiences at American Express, to talk about the company’s growing focus in this area.
DYM: What’s Amex’s overall mission in sports?
Bess: Amex aims to bring Card Members unparalleled access, benefits and experiences across the biggest moments in sports. From racing to basketball to tennis to golf, and beyond, we leverage the depth and breadth of our global sports portfolio to make Amex Membership a true advantage for sports fans. Our goal is simple: position American Express as the Card for sports fans around the world.
DYM: What is it specifically about F1 that allows Amex to provide a level of excitement and exclusivity to those who can access its experiences?
Bess: Formula 1’s explosive growth aligns with Amex’s fastest-growing customer segment - Gen Z and Millennials. There’s also strong alignment with our customer base and F1 fans.
What makes F1 unique is the growing global fandom and on-the-ground energy and experiences. Each race weekend creates an environment where we can deliver elevated, one-of-a-kind access, experiences and benefits we know our Card Members value - from premium trackside hospitality, to pre-sale tickets and off track experiences they can’t get anywhere else.
DYM: Amex is across various sports, F1, tennis etc — how does the company pick which sports experiences it wants to align with?
Bess: We show up where our Card Members’ interests lie. It’s also important for us to collaborate with partners who are dedicated to co-creating incredible experiences and meaningful value for our mutual customers and fans. Ultimately, we want our customers to walk away from an experience thinking “I would not have had access to that without American Express.”
DYM: The Las Vegas Grand Prix is an especially exciting showcase of not just traditional F1 racing, but pure sports culture — how and why is Amex tapping into this this time around in Vegas?
Bess: Las Vegas is a top travel destination for American Express Card Members. It’s also the entertainment capital of the world. So, we want our Card Members to experience the best of it - snagging that hard-to-get reservation with Resy to relaxing at a Fine Hotels + Resorts property or catching the thrill of Formula 1. Our goal is to help Card Members experience the best of race weekend.
This year, in addition to our American Express fan experience space and trackside lounge at Turn 1, we debuted 1850 by American Express at the ARIA Resort & Casino, a new pop-up destination for our premium Card Members designed around the cultural momentum happening in the city, open from November 13 to December 17.
We are also continuing to lean into collaborations that resonate with fans, especially younger ones. At the Las Vegas Grand Prix we gave Card Members access to exclusive merchandise, like items from F1’s collection with Malbon and F1 Academy’s Hello Kitty sweatshirt.
That’s all for today, friends. Thanks for coming along for the ride.
See you next time,
DYM
Also, shout out to Rhea and Nick for making my day on Monday morning after I’d previously put a call out to the universe to reach some sports-fashion lovers in West Virginia and Montana, the only two remaining U.S. states without SportsVerse subscribers.
Appreciate the mention. Completely agree it makes sense from a business perspective.
Also, that F1 experience… 🤯 great to see you get to enjoy the fruits of your labor!
Nick's article was great, and his point on Anta's formula was spot on: "Their strategy has been consistent: buy Western heritage brands, leverage manufacturing expertise, sell globally, profit." I think Anta could make the acquisition work, and PUMA becomes a major player again, but that's if the PUMA brand image gets back on track. Imagine the leveraging of Anta's supply chain - crazy unlock potential. In a perfect (Basketball) world: Anta acquires and revitalizes the PUMA brand and picks up Curry Brand in the process: add tech + greatest shooter of all time + manufacturing economies for mainland China market and growth explodes.