Iconic ‘King of Shoes’ Puma Set for Sale

The story is still unfolding.

According to Bloomberg, iconic sportswear giant Puma has seen its market value plunge sharply over the past year. Now, its controlling Pinault family has begun reaching out to potential buyers. In other words, the legendary brand may soon change hands.

From a Small German Town to a Global Icon

Puma’s rise is nothing short of legendary. The brand’s roots trace back to a small German town, where the Dassler brothers began crafting professional athletic shoes. Eventually, the brothers parted ways — Rudolf Dassler founded Puma, while Adolf Dassler went on to create Adidas.

One of Puma’s most unforgettable moments came through its collaboration with pop icon Rihanna. Her co-designed Creeper sneakers became a global sensation, selling out instantly and even outperforming Adidas’ Yeezy at the time. At its peak, Puma achieved annual revenues of €8.465 billion (approx. RMB 72 billion).

However, in recent years, as global consumer demand softened, even long-standing family owners have shown a willingness to let go.

The Brotherly Rivalry That Shaped Sportswear History

Over a century ago, Rudolf and Adolf Dassler were born in the small German town of Herzogenaurach. Adolf’s passion for sports and his keen observation that athletes lacked sport-specific footwear led to the creation of Gebrüder Dassler Schuhfabrik (Geda) in 1924.

By 1928, their shoes made waves when German runner Lina Radke won Olympic gold wearing Geda spikes. The brand gained momentum through strategic exposure at the Olympics. But tensions between the brothers eventually led to a split.

Rudolf took over the Würzburger Street factory, launching Puma in 1948, while Adolf kept the railway-side factory, creating Adidas. This split ignited a decades-long rivalry between the two sporting giants.

By the 1970s and 80s, Puma became deeply ingrained in hip-hop and street culture, partnering with elite athletes. In the late 90s, it stood shoulder-to-shoulder with Nike and Adidas in sales.

In 2007, luxury powerhouse Kering — owner of Gucci, Saint Laurent, Balenciaga, and more — acquired Puma. But the rise of challengers like Under Armour prompted Puma to shift toward the athleisure market, blending sports with fashion, music, and street culture.

Rihanna’s arrival as Creative Director for Women’s in 2014 proved transformative. She didn’t just wear Puma — she designed for it, and the Creeper sneakers became an instant classic, with some models now fetching resale prices in the thousands.

Under then-CEO Björn Gulden, Puma streamlined its product lines, launched celebrity collaborations, and doubled down on performance marketing, pushing revenue to record highs and driving a 400% share price increase, peaking in 2021.

The recent revival of its Speedcat OG and quirky Speedcat Ballet models brought fresh buzz, but competition from brands like Lululemon and Anta has been fierce.

Why the Sale Talks Now?

This isn’t the first time Puma’s sale has been rumored. Back in 2014, speculation linked Anta to a possible acquisition. In 2018, Kering spun off most of its Puma shares, leaving the Pinault family’s Artémis with a 29% stake as a “long-term strategic shareholder.”

Now, Bloomberg reports the Pinault family is actively exploring options, including a sale, with advisors already sounding out interest from U.S. sportswear rivals, Middle Eastern sovereign wealth funds, and Chinese giants like Anta and Li-Ning.

The timing reflects Puma’s challenges — leadership turnover, performance pressures, and restructuring. In the past three years alone, the company has had two CEO changes. In April, former Adidas executive Arthur Hoeld took over after Arne Freundt’s abrupt departure. Puma also announced plans to cut 500 jobs worldwide.

Its latest quarterly report showed a 2% drop in sales (currency-adjusted) to €1.942 billion, with an adjusted EBIT loss of €13.2 million and a net loss of €247 million.

While Anta declined to comment and Li-Ning denied active negotiations, the uncertainty around potential buyers is only adding intrigue to the story.

When Iconic Brands Line Up for Sale, Buyers Circle

Puma’s potential sale fits a broader trend — many legendary consumer brands are being snapped up at what could be considered “discount” valuations. Before the sale rumors, Puma’s share price had already dropped over 80% from its 2021 peak, recently touching €17.

For strategic buyers, this could be a rare opportunity to acquire a globally recognized brand at a fraction of its former valuation.

Bain & Company forecasts a sharp rise in global M&A activity in 2025, especially as companies shed non-core assets amid rising debt ratios. In consumer goods, 60% of executives expect to sell assets in the next three years.

The recent $9.4 billion acquisition of Skechers by Brazil’s 3G Capital, along with deals involving Vera Wang, Versace, Haagen-Dazs, Starbucks China, and others, underscores this wave of repositioning.

The Anta-led 2019 acquisition of Finland’s Amer Sports — then loss-making — is a case study. The move brought Arc’teryx into Anta’s portfolio, transforming it from a niche outdoor label into a must-have status symbol for China’s middle class. Amer returned to profitability in 2022 and listed on the NYSE in 2024, cementing the deal as a globalization success story.

Some players exit. Others pounce. In the world of business, the game never ends.

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