Perhaps, especially as the event follows China's Anta taking a stake in its capital, which already owns its eponymous brand and Fila, amongst others, and indirectly - via its stake in Amer Sports - Salomon, Arc'teryx, and Wilson.
This is a partner with deep pockets, industrial scale, and direct access to the Chinese market that is far more useful to Puma than the Pinault family. On this subject, refer to, The Pinault family considers divesting Puma after heavy impairment.
Earlier this year, Anta agreed to acquire the Pinault family's 29% stake at a price of €35 per share, which remains significantly above the current market price. This naturally leads optimists to speculate that the brand's strategic value remains very real and is being underestimated by the rest of the investment community.
In any case, there is a noticeable shift in stance amongst analysts covering the group, whose market capitalization is beginning a timid rebound after an annus horribilis in 2025. For the first time in two decades, Puma reported a double-digit slump in sales, negative operating income, and cash flow deep in the red.
Combined with net debt that has risen steadily for ten years and solvency ratios that are now very concerning, these developments have sparked a wave of panic and drove the valuation to historical lows, with a market cap then equivalent to two-thirds of revenue.
Anta is not the only one to have smelled blood. British billionaire and retail mogul Mike Ashley - who controls Sports Direct - also acquired just under 6% of the German group's capital via derivatives earlier this year, before trimming his position almost immediately.
Critics will point out that neither Anta nor Ashley has always had a Midas touch when it comes to reviving brands or retailers that have fallen out of fashion. In a sportswear market where yesterday's titans are struggling - it is difficult to see what could save Puma, other than a sudden breakthrough in China.
