Core Viewpoint - Puma, a well-known sports brand, is reportedly considering a sale due to significant market value decline and ongoing operational challenges [3][5][14]. Company History - Puma was founded in 1948 by Rudolf Dassler after a split from his brother Adolf, who established Adidas, leading to decades of competition between the two brands [7][8]. - At its peak, Puma generated annual revenue of €846.5 million (approximately ¥720 billion) [3][10]. Recent Performance - Despite past successes, Puma has faced declining sales and leadership instability, with two CEO changes in three years and a recent announcement of 500 global layoffs [17]. - In Q1 2025, Puma reported a 2.0% decline in sales to €194.2 million, with an adjusted EBIT loss of €13.2 million and a net loss of €247 million [17]. Market Context - The luxury sportswear market is experiencing a trend where many brands are considering selling due to economic pressures, with 60% of consumer goods executives anticipating asset sales in the next three years [20]. - Recent acquisitions in the consumer sector, such as 3G Capital's $9.4 billion purchase of Skechers, highlight the ongoing trend of brand consolidation [20]. Potential Buyers - The Pinault family, a major shareholder in Puma, is exploring strategic options, including potential buyers from the U.S. and Middle Eastern sovereign wealth funds, as well as Chinese sports giants like Anta and Li Ning [16][18]. - Puma's stock has dropped over 80% from its peak in 2021, making it an attractive acquisition target for potential buyers looking for "bottom-fishing" opportunities [19][20].