1月27日，安踏宣布以每股35欧元的价格收购彪马（Puma）29.06%的股份。斥资约122.8亿人民币 后，安踏取代皮诺家族成为彪马第一大股东，日益庞大的安踏宇宙再添新丁。 愿意接受62%的溢价拿下彪马，大老板丁世忠给出的解释是： 看重彪马的长期价值和潜力，而过去几 个月的股价并未充分反映出彪马的实力[1]。 这句话翻译一下就是：彪马管理层太菜，导致公司经营水平和品牌影响力不匹配；耐心资本太少，把彪 马卖成了一个值得安踏出手的抄底价。 过去一整年，彪马股价跌幅近50%，寻求出售的消息不胫而走。去年8月开始，就陆续传闻彪马"接触 包括安踏在内中国运动品牌及其它意向买家"，最终花落安踏，应该也不会太让业界意外。 在拯救运动市场落魄豪门这件事上，安踏妙手回春的战绩可谓汗牛充栋： FILA被拉扯成第二增长曲线，始祖鸟升咖户外爱马仕，迪桑特通吃东北老铁和陆家嘴金融男。去年4月 安踏收购户外品牌Jack Wolfskin（狼爪），大改造还在紧锣密鼓进行，如今将彪马收入囊中，在商场 跟可隆做邻居指日可待。 如果一个运动品牌知名度不错、但经营状况不佳，管理层就应该扪心自问：为什么安踏的投资并购部门 还不给我打电话？ 及时上 ...

Core Viewpoint - Puma, a well-known sports brand, is reportedly considering a sale due to significant market value decline and ongoing operational challenges, with the Pinault family exploring potential buyers [6][19][22]. Group 1: Company Background - Puma originated from a family business in Germany, founded by the Dassler brothers, leading to the creation of both Puma and Adidas [10]. - The brand gained global recognition through collaborations with celebrities like Rihanna, particularly with the successful Creeper sneaker line, achieving peak revenue of €8.465 billion (approximately ¥72 billion) in 2022 [12][6]. Group 2: Recent Developments - Despite past successes, Puma has faced challenges, including leadership changes and declining sales, with a reported 2.0% decrease in sales to €1.942 billion in Q1 2025 [19][20]. - The Pinault family, a major shareholder, is now evaluating strategic options, including a potential sale, amidst a backdrop of high-profile brand sell-offs in the consumer sector [21][22]. Group 3: Market Context - The consumer goods sector is witnessing a trend where 60% of executives anticipate asset sales in the next three years due to economic pressures [24]. - Recent acquisitions in the industry, such as the $9.4 billion purchase of Skechers, highlight the ongoing consolidation and investment opportunities in distressed brands [24][25].

Core Viewpoint - Puma, the renowned sports brand, is reportedly up for sale as its market value has significantly declined over the past year, prompting the Pinault family to explore potential buyers [2][10]. Group 1: History and Rise of Puma - Puma originated from a German family, the Dassler brothers, who initially produced specialized athletic shoes, leading to the eventual creation of Puma and Adidas after a split [4][5]. - In the 1970s and 1980s, Puma gained popularity in hip-hop culture and maintained a strong presence in the sports industry through collaborations with top athletes [6]. - The brand saw a resurgence in the 2010s, particularly with the launch of the Creeper sneaker designed in collaboration with Rihanna, which became a global hit [8]. Group 2: Recent Challenges and Strategic Decisions - Despite achieving record revenues of €8.465 billion (approximately ¥72 billion) in 2022, Puma has faced challenges, including leadership changes and declining sales [8][15]. - The Pinault family, Puma's major shareholder, is now considering selling the brand, having previously attempted to divest in 2014 and 2018 without success [11][13][14]. - Recent financial reports indicate a 2.0% decline in sales to €1.942 billion, with a net loss of €247 million for the first quarter [15]. Group 3: Market Context and Opportunities - The current economic climate has led many consumer brands, including Puma, to consider selling, with 60% of consumer goods executives anticipating asset sales in the next three years [20]. - The decline in Puma's stock price, which has dropped over 80% from its peak in 2021, presents a potential buying opportunity for interested parties [17]. - The trend of companies selling non-core assets is expected to increase, providing a favorable environment for acquisitions in the consumer sector [19][20].