Pressure is mounting on Puma following a sharp decline in its share price, with investors now calling for significant changes at the sportswear company. Roy Adams, co-founder of US-based investor Metronuclear, stated to Handelsblatt that a potential merger with Adidas should be considered if the current management team fails to turn the business around.
However, the immediate focus is on supporting new CEO Arthur Höld in his efforts to reduce costs and revitalize the Puma brand.
Speculation is circulating regarding the potential divestment of Artemis, the French family-owned holding company and significant shareholder led by the Pinault family. Metronuclear has expressed sharp criticism in a letter addressed to Puma’s supervisory board and Artemis Vice Héloïse Temple-Boyer, asserting that Puma has demonstrably lost investor confidence and that the interests of minority shareholders are not adequately protected, citing a dominant role played by Artemis.
The US-based investor has also flagged potential conflicts of interest should Artemis pursue a divestment, suggesting that supervisory board members with direct or indirect connections to Artemis should consider withdrawing from strategic discussions.
While holding a stake of 200,000 Puma shares, Metronuclear views a combination with Adidas as the optimal solution if a turnaround proves elusive. Both companies share German roots and potential synergies could be realized. However, industry observers believe this scenario is unlikely, citing Adidas’s prior experiences with acquiring Reebok and the company’s current successful focus on a single-brand strategy.