The Pinaults won't exit Puma (for now) Upon hearing the news, the stock soared on the stock market.

UPDATE 09/15/2025: Artemis, the Pinault family’s holding that controls Puma, as well as Kering, has no intention of selling its 29% stake in the brand at the current market value and is not engaged in talks for a deal, as reported by BoF. A source close to the company debunked rumors that Artemis was exploring potential buyers for its $960 million stake. Puma shares surged 15% following that news but have since lost most of those gains. The source, who preferred to remain anonymous, emphasized that Artemis has been approached by numerous interested parties, including private equity funds and industry competitors, but ruled out negotiations, stating that Puma’s current valuation is considered too low and that the brand is worth significantly more.

Nevertheless, François-Henri Pinault reiterated that Puma is not a strategic asset for Artemis, but a potential sale is not imminent. Puma shares dropped by up to 4.7% in Frankfurt trading after these statements, in a context where the brand has lost over 60% of its market value in the past two years, struggling to compete in the sneaker market. Artemis places its trust in Puma’s new CEO, Arthur Hoeld, to revive the brand, while the holding, which also includes Christie’s and CAA, faces increasing pressure due to debt accumulated across its diversified portfolio.

***

Original Article 08/26/2025: The Puma stock soared on the Frankfurt Stock Exchange with a +18% increase on Monday afternoon. This sudden recovery, in contrast to the trend of the past year, which saw the renowned German brand lose nearly 42% of its market value, was triggered by reports from Bloomberg suggesting that the Pinault family is considering selling its 29% stake in Puma, held through the Artemis holding company. The French family, also behind the Kering group, has reportedly engaged advisors to explore various options, gauging the interest of potential buyers. Among those contacted are the Chinese giants Anta Sports and Li Ning, as well as some Middle Eastern sovereign wealth funds. According to sources close to the matter, the Pinault family would not accept selling at the current market value (approximately €800 million, calculated on 29% of the €2.6 billion market capitalization) but would demand a higher amount from buyers, such as a 20–30% premium, bringing the potential price to €960 million, or roughly €1 billion or more. This premium, typical in M&A transactions, is expected to reflect not only the intrinsic value of the listed shares but also the strategic importance of acquiring the largest single stake in a global brand like Puma and the rarity of such an opportunity in the market.

The potential sale of the shares stems from the liquidity issues of the Pinault empire and its companies. Earlier this year, Artemis issued a €500 million exchangeable bond, a type of loan from investors that allows the issuer to repay them not only in cash but also by delivering shares of a related company. However, due to the depreciation of Puma’s shares, the Pinault family’s holding company was forced to repay the amount entirely in cash, unable to use the option of settling with shares of the German group, which last month issued a profit warning. It has been known for several months that the Pinault family and their group, Kering, are burdened with numerous debts, and the potential exit from Puma would fit into a broader strategy of asset rationalization. In January 2025, Artemis sold to Ardian 60% of a portfolio consisting of three prestigious properties in Paris, a transaction whose total value was not disclosed but estimated by analysts to be worth several hundred million. During the same period, two outlets from The Mall network in Italy were also sold. At the same time, the French holding company is seeking a partner to enhance the value of the building at Via Montenapoleone 8 in Milan, another highly significant property.

For now, deliberations are ongoing, and there is no guarantee that a sale will materialize. Neither Artemis nor Puma have issued official statements, while requests for comment sent to Li Ning and Anta have gone unanswered. It is clear that the deal is still in its preliminary stages, and it also seems that if the Pinaults find a way to rebalance their finances, their stake in the brand, which is the largest held by a single shareholder but not sufficient to grant the family direct control, only significant influence in a board populated by minority shareholders holding about 48% of the remaining shares and institutions like Barclays and BlackRock, which hold another 8% or so. Yet, the mere emergence of the news has already had an immediate effect on the stock, demonstrating how the markets are ready to react to any signal of change in Puma’s governance. If the sale were to go through, it would mark a significant chapter in the history of the brand, founded in 1948 and a protagonist of some of the most exciting fashion collaborations in recent years.