Puma’s 10-Figure Loss Forces Authorities to Seek Jimmy Butler & Kyrie Irving’s Aid

With Puma bleeding value and shareholders losing patience, the brand’s 2025 spiral has reached a tipping point. This isn’t just about sneaker sales or missed projections anymore. The German sportswear company has watched its market capitalization plummet by nearly $15 billion over the past three years, a jaw-dropping collapse from its 2021 peak of $18.23 billion to just $3.55 billion today.

The catalyst? The Pinault family, owners of a 29% stake through their Artemis holding company, are officially exploring their exit. As reported by Boardroom, shares surged 18% this week following confirmation that a sale is being considered, with the stake now valued at approximately $937 million. Talks are already underway with Chinese juggernauts Anta Sports and Li-Ning, plus several U.S. firms and Middle Eastern sovereign wealth funds. And now, two of the biggest names in basketball sneaker culture, Kyrie Irving and Jimmy Butler, have been pulled into the storm.

When a giant falls, you look for giants to hold it up. That’s what Puma appears to be doing. As the brand reels from back-to-back years of heavy losses and strategic stumbles in basketball, it’s turning toward two athletes who don’t even wear Puma. But they’re not just athletes, they’re architects of something Puma’s chasing desperately, sneaker dominance.

Kyrie Irving has flipped the script for Anta, building a resurgent brand identity in the U.S. market with the ANTA KAI 1, KAI 2, and now the KAI 2 Speed. A year into his Chief Creative Officer role, he’s already crafted a playbook for success, performance innovation, pricing accessibility, and personal storytelling. Anta is leveraging Kyrie’s name to crack open the West, and it’s working.

Meanwhile, Jimmy Butler’s partnership with Li-Ning has turned heads globally. His JB3 model is considered by many hoopers to be one of the most reliable performance sneakers available, even if you have to go through hell to get a pair in the States. Butler’s tour across Asia this summer, from interactive fan events in Hong Kong to a headline-making appearance with Jackie Chan in Beijing, has given Li-Ning its flashiest international moment in years.

Now, Puma, desperate to steady its brand after losing nearly half its market value in just 12 months, is watching them. Closely. Sources say their success is being studied not just by Puma’s design and marketing teams, but by the external advisers hired to evaluate a potential sale. Whether or not Anta or Li-Ning go all-in on Puma remains to be seen. But one thing is clear: Kyrie and Jimmy have something Puma wants. And that may give them more power in this moment than anyone imagined.

The face of Puma is watching all of this unfold

While Puma stares were plummeting, their current star, Tyrese Haliburton, was heading into Game 1 of the NBA Finals wearing his first-ever signature sneaker, the Puma Hali 1. It’s Puma’s most ambitious basketball launch in years. Fast-tracked in under 12 months by creative powerhouse Salehe Bembury, the shoe has all the trappings of a breakout moment: flashy design, court-ready tech, and a player on the cusp of superstardom.

The Hali 1 debuted in the “Hibiscus” colorway for Game 1 against the Thunder. Puma has invested heavily in Haliburton, positioning him alongside LaMelo Ball and Scoot Henderson as pillars of their basketball division. They needed this to work. 

Since 2018, Puma has spent aggressively to re-enter the NBA. They made a splash by signing five of the top 16 picks in the 2018 Draft. They brought in Jay-Z as creative director of Basketball Operations. They cut massive checks, from DeAndre Ayton’s multi-million rookie deal to LaMelo Ball’s $100 million contract. Here’s who’s on the roster right now:

• Tyrese Haliburton — Pacers  
• LaMelo Ball — Hornets 
• Scoot Henderson — Blazers  
• Kyle Kuzma — Bucks 
• RJ Barrett — Raptors 
• Michael Porter Jr. — Nets 
• DeAndre Ayton — Lakers 
• Josh Giddey — Bulls 
• Marcus Smart — Lakers 
• Dennis Schroder — Kings 
• Marvin Bagley III — Wizards 

That’s an impressive lineup. But according to industry veteran Matt Powell, the U.S. basketball market hasn’t responded. “The basketball business isn’t great here in the U.S.,” he said, pointing out that even with flashy signings and signature shoes, Puma hasn’t found consistent traction. While the Puma Hali 1 has everything going for it, a low-cut build perfect for modern guards, and NITROFOAM™ cushioning for top-tier performance. It’s even got a stunning second “Blue” colorway with a mint-green translucent sole that screams “instant classic.” But is it enough?

That’s the question Puma’s next owner will want answered before deciding how much to invest in basketball going forward. As of now, the Pinault family hasn’t committed to a sale. But the mood inside Puma is tense. Internal shakeups, including the recent CEO change and a sweeping “cost-efficiency initiative,” suggest that the brand knows it’s running out of chances.