Following Adidas , speculation is now rife in Germany about potential suitors interested in Puma . From financial analysts’ notes to articles in the business press, nervousness surrounding the German sports and lifestyle giant over the past two years has fueled a range of scenarios, some of them far-fetched.

The share price of the world’s No. 3 player (behind American Nike and arch-rival Adidas) has seen its decline accelerate since early 2025. The stock peaked at 111 euros in November 2021 but has been sliding since, with a steep drop this year — down 60% in August — before a slight rebound.

While the situation of the Herzogenaurach-based group, which employs more than 18,000 people worldwide, is of particular concern in Germany, its future ownership structure raises questions. Th

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