From the split of the original company Geda, Rudolf founded Ruda, later renamed Puma, while Adolf founded Adidas. The two firms’ headquarters remain just a short walk from each other in the Bavarian town of Herzogenaurach.

Now Puma is set to come under the wings of China’s top sportswear firm Anta, which would become its biggest shareholder in a $1.8 billion deal aimed at turning around one of Europe’s most iconic sports brands that has fallen sharply from grace. Puma, with its leaping wildcat logo, has struggled to win consumers to its sportswear and Speedcat sneakers, even as Adidas has streaked ahead with its retro Terrace shoes, widening a sales gap between the two firms.

“Puma became too dependent on maybe lifestyle products rather than performance sports shoes, which really drove this industry,” said Morningstar Analyst, David Swartz, adding its lower revenues meant it had less to spend on star names boosting the brand.

“So they don’t have the visibility,” he added.

Puma was the number 3 in sportswear after Nike and Adidas until recent years, competing to churn out cool sneakers and win top athletes and soccer-team sponsorships. But as newer brands like On Running and Hoka grew, Puma fell off the pace.

“Puma has become too commercial, over-exposed in the wrong channels, with too many discounts,” Puma’s Chief Executive Officer, Arthur Hoeld, formerly Sales Chief at arch-rival Adidas, said in October. The Anta deal for the 29% stake held by the Pinault family behind Gucci-owner Kering could give the firm an opportunity to regain some ground lost, including in China. The deal pushed Puma’s shares up 9% on Tuesday.

“We have a lot of insight how to make Puma more successful in China,” Wei Lin, Global Vice President for Sustainability and Investor Relations at Anta, told Reuters.

 “It is one of the most valuable brands in this industry,” he added.

–Reuters–