Puma investors are calling for significant action following a sharp decline in the company’s share price. Roy Adams, co-founder of the US investor Metronuclear, stated in an interview with Handelsblatt that a potential merger with Adidas could be the “best option” if the current management team fails to reverse the company’s performance.
However, Metronuclear’s call for action prioritizes allowing the newly appointed CEO, Arthur Höld, an opportunity to implement cost-cutting measures and revitalize the brand.
The current situation at Puma has fuelled speculation regarding the potential divestment of the French majority shareholder, the Pinault family and their holding firm, Artemis, which holds a significant stake in the company. In a letter to Puma’s supervisory board and Artemis Vice Héloïse Temple-Boyer, Metronuclear expressed sharp criticism of the company’s present state, asserting that Puma has “clearly lost investor confidence” and alleging insufficient protection of minority shareholder interests, alongside an overly dominant role played by Artemis.
Metronuclear, which holds 200,000 Puma shares, also raised concerns about potential conflicts of interest should Artemis choose to exit the company. It suggested that supervisory board members with connections to Artemis should consider withdrawing from strategic consultations.
While a fusion with Adidas is viewed by Metronuclear as a favorable outcome if a turnaround proves elusive, industry experts remain skeptical. Past experiences with Adidas’s acquisition of Reebok and the company’s current focus on a single-brand strategy make a merger unlikely, according to those familiar with the matter.
