出售传闻下 彪马被嫌弃？

Core Viewpoint - Puma SE is facing significant challenges, including a drastic decline in market value and ongoing performance issues, prompting its major shareholder, the Pino family, to explore potential sale opportunities [1][2]. Group 1: Shareholder Actions - The Pino family, which holds approximately 29% of Puma's shares, is reportedly in discussions with potential buyers, including sportswear companies like Anta Sports and Li Ning, as well as Middle Eastern sovereign wealth funds [1]. - Following the news of a potential sale, Puma's stock price surged by 20%, bringing its market capitalization back to around €3.2 billion [1]. Group 2: Financial Performance - Puma's preliminary sales for the first half of 2025 fell by 4.8% year-on-year to €4.018 billion, with a currency-adjusted decline of 1.0% [2]. - In Q2, sales adjusted for currency decreased by 2.0% to €1.942 billion, with North America, Europe, and Greater China markets all experiencing declines of 9.1%, 3.9%, and 3.9% respectively [2]. - The company anticipates continued low sales performance in the second half of the fiscal year, leading to increased inventory levels [2]. Group 3: Strategic Adjustments - Puma has officially lowered its full-year guidance for 2025, now expecting a low double-digit percentage decline in sales and a shift from projected profits of €445 million to €525 million to potential operating losses [3]. - The company initiated the "Nextlevel" efficiency program earlier this year, which includes laying off 500 employees and closing unprofitable stores [3]. Group 4: Market Challenges - Puma is facing intensified competition from established brands like Adidas and Nike, which have a first-mover advantage in the Chinese market, and from local brands such as Anta and Li Ning that are gaining market share [5][6]. - The company is struggling with a lack of differentiation in key sports categories, leading to a marginalization in consumer preference [5]. - Despite recent efforts to enhance brand presence in China, including opening new concept stores and launching collaborations, Puma's market position remains precarious due to the rise of new competitors and aggressive local brands [6].