Streets are Saying adidas and Puma Might be Merging

One of the greatest sibling rivalries in history may finally be squashed. No, we’re not talking about Liam and Noel Gallagher; they already made up and are on a global tour with Oasis. We mean Puma and adidas.

The Dassler brothers, Adolf and Rudolf, had worked together for over 30 years under the shoe company Gebrüder Dassler Schuhfabrik, but in 1948, the two would split to create their own businesses. Adolf would create adidas and Rudolf would found Ruda, which he renamed to Puma only months later. Both HQs reside in Herzogenaurach, Germany, with the river Aurach splitting the town in half. Puma’s factory originally resided in the northern part and adidas’ in the southern portion, and the city is still divided between employees of both brands.

The Puma vs. adidas rivalry extended to soccer club sponsorship, though the pivotal moment that really fuelled the two’s hatred for one another was the Pelé Pact. Both adidas and Puma agreed not to sign the late-great Pelé ahead of the 1970 World Cup as they felt a bidding war would become too costly for both brands. However, Puma would break the pact and sign him. Things have cooled off significantly since then. In 2009, the two brands officially ended the 60-year feud through a friendly soccer match that raised money for charity, which featured executives from both Puma and adidas taking the pitch.

Rumors began to emerge about a potential merger after Roy Adams, co-founder of US-based investment firm Metronuclear, was interviewed by German newspaper Handelsblatt. “Puma is in a state of emergency. If management fails to turn things around, a merger with Adidas is the best option.” This statement was reported on by WWD, and since their article, it has spread across footwear forums and social media circles. However, we need to take a step back.

There’s zero proof or any real indication that a merger between Puma and adidas is in the works. The conversation around this is all based on Adams’ comment, which is his opinion on what would be best for the company. Even still, Puma's stock saw a 5% rise based on this speculation.

However, Bloomberg reports that Artémis, the holding company that owns 29% of Puma, is working to sell its stake in the company. Puma announced its Q2 2025 financial results in July, which were dire to say the least. The German sportswear brand reported a net loss of €247 million in Q2 2025, and they are now expecting to operate at a loss for 2025 as a whole. Their report stated that muted brand momentum, elevated inventories, and around €80 million in tariffs have affected their outlook.

Will Puma actually merge with adidas and put the long-standing sibling rivalry to rest? Probably not, but it’s something that Puma would immensely benefit from. We’ll keep a close eye on Puma’s financial situation and provide any updates as they come along.

Nicholas Vlahos

Sneakerhead from South Florida who turned his passion into a career. When not writing for Sole Retriever, I enjoy watching films and discovering music. Follow me on Letterboxd @nickvlah For tips, reviews, or any shoes in a size 13, email nick@soleretriever.com