Puma $PUMSY ( ▼ 2.26% ) is having a brutal run, but apparently that is exactly when the sharks like to swim. Bloomberg reported that Anta Sports, the Chinese giant behind Fila and Jack Wolfskin, is exploring a possible takeover of the struggling German brand. Li Ning and Asics are also said to be weighing a move, turning Puma into unexpected bargain-bin royalty.
The rumor alone gave investors a glimmer of hope, but it barely dents what has been a disastrous stretch. Puma’s stock has been cut in half this year and the company has racked up hundreds of millions in losses as discounts pile up, inventory balloons, and its once-steady fashion-meets-sport appeal gets squeezed by newer darlings like On and Hoka. A sale also wouldn’t be simple, since the Pinault family controls a sizable stake and could resist any deal.
Puma’s new CEO is promising a turnaround by 2027, but that is a tall order with the brand cutting more than a thousand jobs and dealing with customers who now expect everything on sale. Still, there is one surprise bright spot. Puma’s elite Fast-R running shoe dominated in a recent performance study, giving the company at least one headline that doesn’t sting.