Puma shares soar as takeover rumours swirl around CVC Capital Partners and Authentic Brands Group

Puma SE (XETRA: PUMG) has suddenly found itself at the centre of takeover speculation after a report from Manager Magazin suggested that private equity heavyweight CVC Capital Partners and brand management specialist Authentic Brands Group are preparing a bid for the German sportswear maker. The report claims that both groups are eyeing the 29 percent stake held by Artemis, the Pinault family’s holding company. The news triggered a buying frenzy on September 17, 2025, pushing Puma’s stock up by more than 10 percent and making it the top gainer on Europe’s STOXX 600 index.

The excitement was tempered, however, by an immediate denial from Artemis, which called the report “factually false” and insisted that no sales process is currently underway. Despite this, investor enthusiasm has put Puma back into the spotlight after months of sliding valuations and concerns over its profitability.

Why did Puma SE stock surge more than 10 percent after takeover rumours involving CVC and Authentic Brands?

The speculation comes at a time when Puma has been under pressure. The company’s shares had lost nearly half their value earlier this year, weighed down by disappointing quarterly results, declining margins, and rising costs. Against that backdrop, news of potential buyer interest acted as a catalyst for a rebound.

Traders were quick to price in the possibility of a deal, even if the details remain uncertain. Market history shows that the mere prospect of private equity or brand management involvement can revive optimism in consumer-facing companies with strong brand equity but weakened profitability. The share price reaction reflects both the scarcity of positive news for Puma in recent months and the credibility of the reported suitors, who have both executed major deals in the sportswear and consumer brand space.

Why is the 29 percent Artemis stake in Puma SE so critical to the potential CVC and Authentic Brands bid?

The Pinault family, through Artemis, has been a long-standing shareholder in Puma. Kering, also controlled by the family, spun off Puma in 2018 to concentrate on its luxury labels, and Artemis retained a 29 percent holding in the sportswear firm. Any sale of this stake would be highly significant, potentially opening the door to new ownership dynamics and corporate strategy shifts.

Authentic Brands Group, led by Jamie Salter, has built a reputation for buying and revitalising underperforming or undervalued consumer brands. Its portfolio includes Forever 21, Brooks Brothers, and Reebok, the latter acquired from Adidas in 2021. CVC, on the other hand, is one of Europe’s largest private equity firms, with experience across retail, consumer, and sports investments. Both names carry enough weight in the financial markets to trigger speculation that a realignment of Puma’s ownership structure could be underway.

Artemis, however, has said it is not interested in selling at current market valuations. This resistance suggests that any deal, if pursued, would have to involve a substantial premium, raising questions about how far potential suitors might be willing to go.

How have Puma SE’s revenues, margins, and profitability trended in 2024 and 2025 compared with earlier expectations?

In 2024, Puma reported revenues of about €8.82 billion, up 4.4 percent from the previous year. Its gross profit margin improved to 47.4 percent, showing resilience in its core operations. Yet despite stronger top-line growth, net profit slipped to €282 million from €305 million the year before, largely due to higher interest expenses, unfavourable currency effects, and pressures from non-controlling interests.

By the second quarter of 2025, challenges became more pronounced. The company posted a negative adjusted EBIT of €–13.2 million and a reported EBIT of €–97.8 million, reflecting rising operating expenses, increased promotional activity, and continued currency headwinds. Gross profit margin dipped during this quarter, eroding investor confidence further.

Footwear remains Puma’s strongest performing division, accounting for more than half of total sales. Direct-to-consumer channels, including Puma’s own retail stores and e-commerce platforms, also performed well, rising to nearly 28 percent of revenues in 2024 compared to 25 percent in 2023. Apparel and accessories, however, lagged, with some regions showing declines.

Despite management’s long-term ambition of reaching an EBIT margin of 10 percent, the near-term picture is one of margin compression and profitability risk. This backdrop explains why takeover rumours have found such traction among investors who see Puma as a turnaround candidate.

What makes Puma SE an attractive acquisition target for CVC Capital Partners and Authentic Brands Group in 2025?

The attractiveness of Puma lies in its global brand recognition and strong foothold in performance and lifestyle footwear, even if profitability has lagged behind peers such as Nike and Adidas. For Authentic Brands, acquiring a stake in Puma would fit its strategy of extracting value from iconic names by maximising licensing and distribution opportunities. For CVC, Puma represents an opportunity to apply private equity discipline to streamline operations, optimise costs, and potentially enhance shareholder returns.

A successful acquisition could involve significant restructuring. Both suitors might aim to reduce overheads, sharpen product positioning, and expand licensing revenue streams. Puma’s growing direct-to-consumer operations could also be scaled more aggressively under private equity ownership, potentially leading to higher margins over time.

There is also precedent: Authentic Brands and CVC were both interested in Reebok when Adidas put it up for sale in 2021. Authentic Brands eventually won, acquiring Reebok for about $2.5 billion. That history lends credibility to the idea that both parties could once again see value in a major sportswear player like Puma.

What risks do investors face if the reported Puma takeover bid by CVC and Authentic Brands fails to materialize?

Investors who pushed Puma’s stock higher on the takeover talk are also exposed to the risk that the rumours do not materialise. Artemis’ denial has already cast doubt, and if no progress is made, the share price could retreat once speculative buyers exit. The recent rally may therefore be fragile, supported more by hope than by fundamentals.

There is also the question of whether CVC and Authentic Brands are prepared to pay the premium Artemis would demand. At current market value, the Artemis stake is estimated to be worth around $960 million. For a deal to succeed, suitors would likely need to pay substantially more, which could test their appetite.

Furthermore, Puma’s operational issues cannot be ignored. Even with new ownership, the company would still face the challenges of rising costs, stiff competition, and pressure to improve margins. Investors must weigh the potential upside of a buyout against the risks of continued underperformance if no deal takes place.

How does Puma SE’s valuation, market share, and financial performance compare with Nike, Adidas, and other sportswear peers?

Globally, the sportswear industry has seen both growth and turbulence. Nike continues to lead the market with strong innovation pipelines, while Adidas has been working through its post-Yeezy transition and aiming to rebuild profitability. Under Armour and ASICS have focused on niche positioning and regional strengths. Puma sits in the middle: strong brand equity but under pressure from operating costs and weaker margins.

Puma’s EBIT margin of just over 7 percent in 2024 compares unfavourably with Nike, which often delivers margins in the double digits, and even Adidas, which despite recent struggles, maintains higher profitability ratios. Puma’s relatively weaker financial performance makes it both a vulnerable target and an attractive opportunity for restructuring under new ownership.

How are institutional investors, hedge funds, and analysts reacting to Puma SE’s takeover rumours and recent stock volatility?

Institutional investors have been re-evaluating positions in Puma throughout 2025. Foreign institutional inflows briefly picked up on the takeover rumours, while domestic investors remain cautious. Some hedge funds may look to take speculative positions, banking on a premium bid emerging. Others, however, could lock in gains from the sudden rally, expecting a pullback if Artemis sticks to its refusal to sell.

Analyst sentiment remains mixed. Some see Puma as a potential turnaround story if new ownership injects capital and discipline. Others argue that without confirmation of a bid, the stock could easily slip back to previous lows. On balance, investor advice appears to lean toward holding the stock with a watchful eye, or taking speculative buys only if risk appetite allows for volatility.

What are the possible scenarios for Puma SE’s ownership, strategy, and stock performance if Artemis sells or holds its stake?

The coming weeks will be critical. Investors will closely monitor any official statements from Puma, Artemis, CVC, or Authentic Brands. If talks gain traction, Puma could enter a new phase of ownership that reshapes its business strategy. If not, the company will need to deliver margin improvements and sales growth on its own to justify investor confidence.

For now, the surge in Puma’s share price reflects a burst of optimism in an otherwise challenging year. Takeover rumours have highlighted both the opportunities and risks facing the sportswear maker. Whether Puma becomes part of a private equity-led restructuring story or continues as an independent company under Artemis’ control, it is clear that the market is watching closely for the next move.