Shares of Puma rose 14.7 percent on Monday, August 25, on a report from Bloomberg that the Pinault family could sell its 29 percent stake in the German sports brand, possibly through an outright sale.

The exploration comes as Puma had lost about half of its market value in the past year, people familiar with the matter told Bloomberg.

The Pinaults’ holding company, Artemis, which owns the stake and controls Gucci-owner Kering, has recently faced increased scrutiny from investors over the debt accumulated as it sought to diversify its investments.

According to the report, the Pinault family, led by French entrepreneur François Pinault, is working with advisers to explore options for selling their stake and has reached out to potential buyers of Puma.

Since 2018, Kering has gradually reduced its stake in Puma, having spun off 70 percent of the company to its shareholders as part of a plan to refocus on its luxury division.

In 2020, Artemis issued an exchangeable bond worth €500 million, which was exchangeable for shares of the sportswear company Puma. However, with the bond issue maturing earlier this year, Artemis was forced to repay bondholders in cash rather than shares due to Puma’s weak share price performance.

Last month, privately owned Artemis told Reuters that a jump in standalone debt at Artemis was a “temporary spike” and indicated it is not experiencing any liquidity problems due to a reduction in dividends from Kering and other assets. Artemis also owns 54 percent of the Hollywood talent agency CAA.

Shares of Puma, trading on the German Xetra exchange, closed on August 25 at €21.54, down €2.76 on the day, compared to €37.48 on the same day a year earlier, and an all-time high of €115.25 reached in July 2022.

Artemis and Puma have not responded to the report.

In April, Puma tapped 26-year Adidas veteran Arthur Hoeld as CEO. Arne Freundt stepped down as CEO after just two and a half years due to “differing views on strategy execution.”

On July 24, Puma SE downwardly revised its financial outlook for full year 2025 due to a softer than anticipated top-line trend for the second quarter and implications from U.S. tariffs. The guidance update was provided as Puma reported sales declined 2 percent in the second quarter on a currency-neutral basis.

The updated guidance calls for:

  • Currency-adjusted sales are now forecast to decline low-double-digit percentage. The company had previously guided for a low- to mid-single-digit percentage currency-adjusted increase.
  • The company now expect an EBIT loss in the full year 2025. Puma had previously guided for EBIT of €445 million to €525 million for the year. The shift reportedly reflects softer top-line development, increased currency headwinds, the impact of the U.S. tariffs and additional measures, including one-off charges, to further align the cost base in the second half of the year.

Image courtesy Puma