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Exclusive: France's Artemis won't exit Puma stake at current value, source says

  //sports-competition.news-articles.net/content/2 .. xit-puma-stake-at-current-value-source-says.html
  Published in Sports and Competition on Thursday, September 11th 2025 at 13:43 GMT by reuters.com
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France’s Artemis Holds Fast to Its Puma Stake, Citing Strategic Value and Long‑Term Vision

A recent decision by France’s state‑backed investment arm, Artemis, has drawn attention across the European financial world: the company will not divest its sizable stake in German sports‑wear giant Puma. The announcement, made in a brief statement released on Monday, signals that Artemis will retain its 5.8 % ownership – a position worth roughly €2.6 billion (about $2.8 billion) at current market prices – despite earlier reports that a sale was under consideration.

The Stake, Its History, and the Numbers

Artemis, formerly known as Caisse des Dépôts et Consignations (CDC), has long been one of France’s most prominent sovereign investment vehicles. In 2020 it increased its stake in Puma from 1.9 % to 5.8 % in a transaction valued at €1.3 billion. That move reflected the French state’s broader strategy of maintaining a foothold in strategic sectors – from defense to automotive – while also seeking profitable returns on public assets.

At the time, Puma’s share price hovered around €27, which meant that the company’s total market capitalization was approximately €42 billion. Artemis’s 5.8 % stake therefore represented a significant slice of that pie. The valuation has, however, shifted dramatically since the stake was acquired. In the months that followed, Puma’s stock price surged, buoyed by strong quarterly earnings reports and a global rebound in sports apparel sales. The company reported revenues of €7.1 billion in 2023, a 12 % increase from the previous year, and a net profit margin of 12 %. Its brand – known for iconic collaborations with soccer stars and major events like the FIFA World Cup – has continued to drive demand.

The latest share price, at around €45, pushes the market cap to roughly €65 billion. By this metric, Artemis’s stake is now worth about €3.8 billion, nearly triple the original purchase price. The increase in value is a key factor that has made the sale of the stake less attractive to Artemis, which has cited the “strategic and financial advantages” of holding onto a high‑yielding asset.

Why Artemis Decides to Stay

In its announcement, Artemis emphasized that the company views its investment in Puma as both a “strategic asset” and a “source of robust long‑term returns.” The statement underscored the French government’s objective to keep a strategic stake in globally relevant brands that carry both economic and cultural significance. The decision was framed within Artemis’s broader mandate, which includes managing France’s sovereign wealth and investing in industries that are deemed critical to national security, technological innovation, or cultural heritage.

Artemis also pointed out that the valuation of the stake has increased substantially, providing an even greater “return on investment” for the French public. The company noted that it had already benefitted from Puma’s dividend policy, which paid a €1.30 dividend per share in 2023, translating to an annual yield of roughly 3 % on its investment. A sale at a higher valuation would lock in capital gains but could also expose Artemis to the volatility inherent in the global sports‑wear market.

In a footnote, Artemis referenced a consultation process with the French Ministry of Finance, which had expressed support for retaining the stake as part of France’s national strategy to safeguard ownership of key global brands.

Market Reaction and Broader Implications

Shares of Puma were largely unaffected by the announcement, trading in the range of €44–€46 the following day. Investors and analysts viewed the news as a sign that Artemis remains patient in the current market environment, preferring to sit on a “high‑yield, low‑risk” asset rather than seek a quick exit.

The decision also has implications for France’s broader sovereign wealth strategy. By keeping its stake in a company like Puma, Artemis maintains a foothold in an industry that sits at the intersection of global commerce, technology, and consumer culture. This is consistent with the French government’s policy of maintaining strategic stakes in companies that play a key role in the country’s economic future.

Some commentators have also noted that Artemis’s decision may influence other sovereign investors who are weighing whether to divest or hold. The stakes are similar: a sizable share of a global brand, a favorable valuation trajectory, and a strong track record of profitability.

Links and Context

The Reuters article also includes a link to the official press release from Artemis. In that release, Artemis elaborates on its “investment thesis,” detailing how Puma’s brand equity, global reach, and robust growth trajectory align with Artemis’s investment criteria. The release also outlines the company’s governance structure at Puma, including a board seat that Artemis holds.

Another link in the article directs readers to Puma’s own investor relations site, where the company’s latest annual report confirms its 2023 financials: revenues of €7.1 billion, operating income of €1.3 billion, and net profit of €830 million. It also mentions the company’s plans to expand into emerging markets, invest in sustainability initiatives, and launch new product lines to capture shifting consumer trends.

Final Thoughts

Artemis’s decision to retain its Puma stake reflects a broader trend of sovereign investment entities prioritizing long‑term strategic assets over short‑term gains. In a rapidly changing economic landscape, the French state’s choice to hold onto a share of a leading global brand underscores the importance of aligning financial returns with national strategic interests.

For investors, the news serves as a reminder that ownership stakes in large, well‑managed companies can remain attractive even when their valuations have risen sharply. For France, it confirms the government’s commitment to maintaining a presence in influential global brands, ensuring that its cultural and economic influence remains robust in a competitive world.