Adidas and Puma Are Potentially Merging Soon

A potential reunion between Rudolf and Adolf “Adi” Dassler, through their respective Puma and Adidas brands, could be happening soon.

Bloomberg first reported news of the possible merger between the two sportswear giants in August. It revealed that the billionaire Pinault family, which owns a 29 percent stake in Puma through its Artemis investment company, is working with advisors to potentially sell its stake in the brand.

Both Adidas and Puma have yet to comment on the merger of the brands.

Speculation on the potential buyer of Pinault’s position began last week when the co-founder of U.S. investment firm Metronuclear, Roy Adams, told the German financial newspaper Handelsblatt on Friday that “Puma is in a state of emergency. If management fails to turn things around, a merger with Adidas is the best option.”

Adams’ comments further added to the speculation of a potential merger between the sportswear giants, with Puma shares up 18 percent since Monday at the time of writing.

Puma shared its 2025 Q2 earnings report in July, citing that its sales were down 2 percent in the quarter and 1 percent in the first half of this year. In the report, the brand revealed it “no longer expects to achieve the currency-adjusted sales growth previously anticipated for the remainder of 2025.”