Anta Sports Resurfaces as Puma’s Potential White Knight

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Chinese firm Anta Sports reportedly has made an offer to acquire the 29 percent stake owned by Artémis. Founded in 1992, Artémis is the investment company of the Pinault family. It’s chairman is François-Henri Pinault, who is also chairman of French luxury firm Kering. Pinault has previously said that Puma is “not a strategic asset” and that Artémis was “keeping all its options open.”

Reuters was first to report Thursday that the offer was made a few weeks ago, but has since stalled, citing to anonymous sources. It reported last year that Artémis wouldn’t sell its stake at current valuations. Anta’s per share offer price isn’t known, and Artémis reportedly expected bids exceeding 40 euros per share.

What happens next isn’t clear. Artémis doesn’t have to sell if the price isn’t right. And holding on a bit longer to see how Puma’s turnaround progresses could turn into a benefit because evidence of some green shoots could raise bids for the brand.

FN reached out to Puma on Dec. 1 requesting comment on sale speculation, but was told in an email that the company is “not commenting on this matter.” Artémis declined comment at the time. Neither Puma nor Artémis executives could be reached for comment on Thursday by press time.

In its October earnings conference call, Puma CEO Arthur Hoeld ticked off a list of things Puma needs to correct. He also noted that a key problem is that Puma lacks brand heat, a reason why it lags behind competitors and can’t command the same attention or brand love that’s needed to succeed in the market. He also said there’s too much inventory and way too many products, while Puma’s key iconic products don’t exactly stand out in consumers’ minds.

Sale speculation has surrounded Puma since last September, and there’s been no shortage on who could be buyers for the German sportswear brand. Word of Anta’s interest surfaced in November.

Puma last month secured a bridge loan of 500 million euros and additional confirmed credit lines of 108 million euros, with both facilities designed to provide interim liquidity to refinance an existing Revolving Credit Facility of 1.2 billion euros.