Pinault family is exploring options for Puma, including a sale

Puma has been trying to revamp itself under new Chief Executive Officer Arthur Hoeld after failing to generate much enthusiasm for its products with consumers in recent years

The Pinault family has reached out to potential buyers of Puma SE after the German sports brand lost about half of its market value in the past year, according to people familiar with the matter.

The billionaire family, which owns a 29% stake in Frankfurt-listed Puma through Artémis, is working with advisers, possibly with a view to triggering a sale of the company, the people said, asking not to be identified because the deliberations are private.

They have reached out to prospective bidders including Anta Sports Products Ltd. and Li Ning Co. to gauge interest in buying Puma, the people said, adding they have also sounded out other sportswear firms in the US, as well as sovereign wealth funds in the Middle East.

Puma shares surged as much as 20% in German trading following the report, the most since October 2001. It has a market value of about €3.3 billion ($3.9 billion).

The family is likely to seek a sizable premium in any deal, the people said. Artemis is also the controlling shareholder of Kering SA.

Before today, Puma shares had slumped by 50% in the past 12 months, hit by weak demand for its sports and exercise gear and concerns about the impact of US tariffs.

Deliberations are ongoing and there’s no guarantee a transaction will happen, the people said.

A spokesperson for Puma declined to comment, while representatives for Artémis, Anta and Li Ning didn’t respond to requests seeking comment.

Puma has been trying to revamp itself under new Chief Executive Officer Arthur Hoeld after failing to generate much enthusiasm for its products with consumers in recent years. The company issued a profit warning last month.

The German firm recently appointed ex-Adidas executive Andreas Hubert as chief operating officer. Hubert is a 20-year veteran of Adidas who served for the past four years as the company’s chief information officer.

Founded in 1948, Puma reported €281.6 million in net income last year and €8.8 billion in sales, and counts a global workforce of roughly 22,000. It sponsors English Premier League team Manchester City, the Portugal national team and Denmark’s men’s handball team, among others.

Anta owns brands including Fila, Descente, Kolon Sport and Jack Wolfskin. It was part of a consortium that acquired Finland’s Amer Sports Oyj, the maker of Wilson tennis rackets and Louisville Slugger baseball bats, for about €4.6 billion in 2019.

Li Ning, founded in 1990 by a legendary Chinese gymnast of the same name, designs and sells professional and leisure sport footwear, apparel and accessories. In addition to its namesake brand, it has sports products that are self-owned or licensed, including table-tennis brand Double Happiness, outdoor sports brand Aigle and Kason, the badminton brand.