China's Anta Sports Becomes Puma’s Largest Shareholder in $1.8 Billion Deal

Anta Sports Products, the leading sportswear manufacturer in China, announced on Tuesday its plan to acquire a 29.06% stake in the German athletic brand Puma. This strategic investment, valued at 1.5 billion euros (approximately $1.8 billion), establishes the Hong Kong-listed giant as Puma’s primary shareholder. By purchasing these shares from Artemis—the Pinault family’s investment vehicle—Anta aims to accelerate its international expansion, while Puma hopes to leverage Anta’s dominant position to bolster its presence within the competitive Chinese market.

The transaction involves a cash payment of 35 euros per share, representing a substantial 62% premium over Puma’s recent market valuation. For Artemis, which also holds a controlling interest in the luxury group Kering, the divestment serves as a means to reduce its debt and refocus on its core luxury assets. For Puma, the partnership arrives at a critical juncture; the brand has recently struggled to keep pace with industry titans like Nike and Adidas, while also facing pressure from rising labels such as Hoka and New Balance.

Anta’s chairman, Ding Shizhong, expressed strong belief in Puma’s long-term value and voiced support for its current management and ongoing restructuring efforts. This acquisition aligns with Anta’s established history of acquiring and revitalizing Western brands, including its successful management of Fila and its significant stake in Amer Sports, the parent company of Salomon and Wilson. Industry analysts have noted Anta's track record for operational efficiency, suggesting that its involvement could be the catalyst needed to restore Puma's brand momentum and profitability.

Currently, Puma is undergoing a rigorous turnaround strategy led by CEO Arthur Hoeld. This plan includes reducing product discounts, tightening cost discipline, and narrowing its inventory to focus on high-performance items. These internal changes come as Puma deals with soft consumer demand and underwhelming responses to recent product launches. Although Anta plans to seek representation on Puma's board, the company has clarified that it is not seeking a total takeover at this time. The deal still requires several hurdles to be cleared, including antitrust reviews and regulatory approvals in both China and international jurisdictions. Upon completion, the alliance could fundamentally shift the global sportswear landscape, combining German design heritage with the massive scale and operational expertise of China’s most powerful sports conglomerate.