Puma bid talk offers small solace as stock heads for worst year

For shareholders of Puma SE, 2025 has been a year to forget, with recent reports of a possible takeover providing only the thinnest of silver linings. While the stock bounced off its lows last week, it’s still down 54% year-to-date, putting the German sportswear company on track for its worst annual showing on record. Analysts see little, if any recovery over the next 12 months.

On top of US tariffs- which have also weighed on shares of crosstown rival Adidas AG, and a broader slowdown in the sneaker and apparel industry- the Herzogenaurach-based firm faces an array of specific challenges. Among them has been the impact on the brand of heavy discounting and the encroachment of fast-growing rivals like On Holding AG, New Balance and Hoka, which have been taking more shelf space at re