以下文章来源于投资界 ，作者吴琼 投资界 . 清科创业旗下创业与投资资讯平台 抄底机会。 文 ｜ 吴琼 来源｜ 投资界（ID：pedaily2012） 封面来源 ｜ Pixabay 这一幕仍在继续。 据彭博社报道，知名运动品牌彪马（Puma）市值过去一年大幅缩水，身后皮诺家族开始接触潜在买家。换言之，彪马要被卖了。 彪马的崛起堪称传奇。起源于一个德国小镇家庭，当时达斯勒家族的兄弟二人共同生产专业运动鞋。后来，哥哥创办彪马，弟弟则做出了阿迪达斯。外界 印象深刻的是，彪马曾凭借与明星蕾哈娜合作设计的Creeper运动鞋风靡全球，巅峰时期一年营收84.65亿欧元（约合人民币720亿元）。 只是最近几年，随着全球消费疲软，越来越多公司愿意卖了——彪马身后的富豪家族也决定放手了。 阿迪达斯的"兄弟" 彪马崛起史 一百多年前，哥哥鲁道夫·达斯勒（Rudolf Dassler）和阿道夫·达斯勒（Adolf Dassler）出生在德国一个名为黑措根奥拉赫的小镇。弟弟阿道夫从小就十分 热爱运动。当时他观察到，每个项目的运动员都缺乏专门的鞋子，于是萌生了生产专业运动鞋的想法。1924年，他们注册了公司Gebrüder Dassl ...

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].

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].