Overview

• Artémis has engaged advisers to assess options for its roughly 29% holding in Puma, including a potential sale or a buyer for the entire company.
• Puma shares jumped about 18% after the deliberations became public, with reported interest from Anta Sports, U.S. firms, private equity and Middle Eastern funds, while Li-Ning said it is not in talks.
• Puma reported a 2.0% year-over-year sales decline in the second quarter of 2025, citing softer demand in North America, Europe and China.
• The company is executing cost-efficiency measures after an April leadership change that installed Arthur Hoeld as CEO, while maintaining a basketball push anchored by LaMelo Ball, Tyrese Haliburton and other signees.
• Analysts warn that new U.S. tariffs—around 20% on footwear from Vietnam and 19% on Cambodia and Indonesia—are set to pressure Puma’s margins through 2026.