Puma has a new investor in the form of U.K. billionaire Mike Ashley.
But what does Ashley, known to be a bottom-fisher of brands that are down-and-out, want with Puma?
A stock-exchange filing on Thursday showed that Frasers has taken a 5.77 percent stake in the German sportswear brand. That stake, under Ashley’s name, makes the billionaire investor Puma’s second largest stakeholder after Anta Sports, which owns Fila. Anta, China’s biggest sportswear brand, bought the 29 percent stake owned by Artemis for 1.5 billion euros this past January. Artemis is the investment arm of French luxury firm Kering Group.
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Ashley’s the owner of U.K. retailer Sports Direct, which he founded in 1982. He later acquired House of Fraser in August 2018 after it entered administration, the U.K. equivalent of a Chapter 11 bankruptcy proceeding in the U.S. Ashley subsequently renamed the combined entity Frasers Group.
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Puma, which in December opened its largest London flagship store, has been challenged of late. The company reported fourth quarter results last month that showed a 20.1 percent decline in sales, and the net loss from continuing operations was 335.0 million euros. Total sales for 2025 fell 8.1 percent, while the net loss was 357.2 million euros — better than analysts’ expectation of a loss of 374.3 million euros but still representing one of the biggest net losses in Puma history.
Puma CEO Arthur Hoeld, who took over the top job last July, attributed some of the sales decline to initiatives connected to the firm’s “strategic reset.” The brand has been exiting some wholesale accounts and reducing the level of discounts at its company-owned direct-to-consumer channels. During the fourth quarter, as part of its reset, the company restructured its business partnership with United Legwear to a licensing agreement for socks, underwear, and children’s apparel and accessories.
Ashley, Frasers’ chairman, is a controversial investor, taking stakes in Debenhams and Asos, among other fashion and sports brands and retailers. While he has said previously that some share acquisitions or options purchases are for investment purposes, he background and interest in distressed retailers and brands often has critics wondering if he’s building up stakes to pounce on an opportune takeover.
That’s hasn’t always fare well. In September 2024, Ashley through Frasers launched a takeover bid for Mulberry, but later withdrew its 111 million pound offer after it was rejected by the British luxury brand’s majority shareholder. In that same year and as a large minority shareholder, he also tried to muscle his way into the CEO role at Boohoo, only to be pushed aside when the British fast-fashion retailer and Asos competitor quickly named Dan Finley to the top spot.
A year earlier in December 2023, Frasers acquired Matches from private equity firm Apax Partners in a deal valued at 52 million pounds. By March 2024, the retailer collapsed due to mounting losses and Frasers put the online apparel platform into administration.