The footwear industry is poised for potential mergers and acquisitions (M&A) in 2026, with significant focus on Puma as speculation mounts around its future. Other brands could also attract offers if valuations align with market realities. In 2025, notable transactions included Foot Locker, Golden Goose, and Stuart Weitzman, indicating an active year in the sector. As Matt Powell, an analyst at Spurwink River, stated, “Every company is for sale if the price is right.”
In the current climate, understanding fair valuations remains challenging. Management teams often misjudge their brand’s worth, leading to negotiations that falter when expectations are not met. Conversely, some companies turn down offers, believing in their strategies and long-term potential. During a discussion hosted by S&P Global Markets Intelligence last month, Andrea Guerzoni, global vice chair at EY-Parthenon, described 2025 as a tumultuous year due to geopolitical tensions and tariff challenges, yet noted signs of improvement in the latter half of the year.
Despite persistent pressures, confidence is building within the industry. Private equity firms, armed with substantial capital reserves, could gradually re-enter the market as interest rates decline. This shift may enable deals that were previously deemed unfeasible.
Puma has been at the center of sale speculation since September 2025, primarily due to the involvement of Artemis, a major stakeholder with a 29 percent equity share. Reports suggest that Artemis may consider divesting its stake to a strategic buyer. However, Puma’s management remains focused on a turnaround strategy aimed at enhancing brand value. According to Arthur Hoeld, Puma’s CEO, the brand is addressing its shortcomings and aims to regain momentum before 2027.
In a recent earnings call, Hoeld acknowledged that Puma struggles with brand recognition and market presence. He asserted that the company’s reorganization efforts would extend into 2026, emphasizing a commitment to growth. Puma recently secured a bridge loan of €500 million and additional credit lines totaling €108 million, aimed at supporting its turnaround initiatives.
Other brands could also emerge as targets for acquisition. Nike‘s Converse, Capri Holdings‘ Jimmy Choo, and VF Corp’s Timberland are all under scrutiny. Analysts have noted that Converse’s market performance may be weaker than anticipated, prompting speculation about potential strategic alternatives.
In April 2025, discussions suggested that Prada would negotiate to acquire both Versace and Jimmy Choo for €1.5 billion. However, trade tensions under the Trump administration disrupted these plans. Ultimately, Prada successfully purchased Versace for €1.25 billion, but speculation surrounding Jimmy Choo persists, despite reassurances from Capri’s CEO, John Idol, that the brand is not for sale.
Timberland, a key brand within VF Corp, may also undergo evaluation as the company reassesses its portfolio for growth opportunities. Following weak earnings reports, VF Corp has already divested brands like Kipling and Eastpak, and others may soon follow suit.
As private equity firms look to divest some of their older holdings, the landscape for potential M&A activity in the footwear sector remains dynamic. Last year, L Catterton sold its 30 percent stake in the Giuseppe Zanotti brand back to its founder, indicating ongoing shifts within the industry.
Looking ahead, the possibility of restructuring or bankruptcies could open doors for new ownership. The Italian luxury brand, which faced bankruptcy in 2024, is an example of market conditions that can facilitate acquisitions through court auctions.
As the footwear sector navigates these complexities, the potential for surprising M&A activity looms large in 2026, with Puma and other major brands at the forefront of this evolving narrative.
