安踏李宁，争抢彪马？

Core Viewpoint - The article discusses the potential acquisition of the German sports brand Puma, highlighting various interested parties, including Anta Sports and Li Ning, amid Puma's ongoing financial struggles and market challenges [5][12][14]. Group 1: Acquisition Interest - Anta Sports is reportedly one of the potential bidders for Puma, possibly collaborating with a private equity fund, similar to its previous acquisition of Amer Sports [5]. - Other potential bidders include Li Ning, Asics, Authentic Brands Group, and private equity firm CVC, with Li Ning already in discussions with banks regarding financing [6][14]. - The Pino family, Puma's controlling entity, is seeking a higher valuation for the brand, complicating negotiations with potential buyers [17]. Group 2: Puma's Financial Struggles - Puma has faced significant challenges, including a projected net loss for the first time since its IPO, with expected losses between €120 million and €180 million (approximately ¥985 million to ¥1.478 billion) [13]. - The company's sales have declined, with a 10.4% year-over-year drop in third-quarter sales to €1.9557 billion, and a gross margin decrease to 45.2% [13]. - Inventory levels have risen by 17.3% year-over-year, reaching €2.1241 billion, indicating operational inefficiencies [13]. Group 3: Market Context - The global sports brand landscape is undergoing significant changes, with new competitors like Under Armour and Lululemon intensifying competition for established brands like Adidas and Puma [12]. - Puma's strategy has shifted towards lifestyle and streetwear, but the brand has struggled to maintain momentum after initial successes, such as the collaboration with Rihanna that generated €8.465 billion (approximately ¥720 billion) in revenue [12]. - The article notes that the current environment for mergers and acquisitions is favorable, with expectations of increased activity in the coming years, which may influence Puma's sale [17]. Group 4: Potential Synergies - Anta Sports is seen as a likely buyer due to its history of acquiring international sports brands and its strategic focus on multi-brand management and globalization [18]. - The combination of Puma's brand recognition and European market presence with Anta's strengths in professional sports and supply chain could create significant synergies [19].