In a landmark deal reshaping the global sportswear landscape, China's largest sportswear company, Anta Sports Products, has announced its intention to become the biggest shareholder in German athletic apparel giant Puma. The strategic acquisition involves purchasing a 29.06 per cent stake for 1.5 billion euros, equivalent to approximately $1.8 billion.
A Strategic Power Play in Global Sportswear
The transaction sees Anta paying 35 euros per share in cash to acquire the significant holding from Artemis, the investment vehicle of the Pinault family, which also controls luxury conglomerate Kering. This move represents a substantial 62 per cent premium over Puma's closing share price of 21.63 euros on Monday, January 26th, 2026.
Revitalising Puma's Market Position
Central to Anta's strategy is leveraging its considerable expertise to revitalise Puma's sales performance, particularly within the highly lucrative Chinese market where the German brand has been historically underrepresented. Wei Lin, Anta's global vice-president for sustainability and investor relations, emphasised this opportunity, stating: "Puma has more potential in the Chinese market, where they are underrepresented with only 7% of their global revenues. We have a lot of insight on how to make Puma more successful in China."
The Hong Kong-listed Anta, valued at $27.8 billion and owner of brands including Fila, brings a proven track record of acquiring and revitalising Western sports and lifestyle brands. The company is already the largest shareholder of Amer Sports, which owns Salomon, Arc'Teryx, and Wilson, and has successfully grown Salomon into a major sneaker brand. Deutsche Bank analysts noted: "Anta has a track record of developing brands and we would expect them to be a more active partner than Artemis."
Market Reaction and Competitive Pressures
Following the announcement, Puma shares experienced significant volatility, initially surging by 17 per cent before settling up 6 per cent by 0915 GMT. This positive reaction occurred despite the company trading near its lowest levels in a decade, reflecting market optimism about the partnership.
Puma, valued at approximately 3.2 billion euros, has been striving to regain momentum after losing ground to dominant competitors such as Nike and Adidas, as well as newer brands like On Running. The company has faced intense competition, with recent sneaker launches failing to generate anticipated momentum.
Leadership and Turnaround Plans
Anta has expressed confidence in Puma's current leadership team, led by CEO Arthur Hoeld who took over in July 2025. Hoeld initiated a comprehensive turnaround plan in October, which included 900 job cuts following 500 layoffs earlier in the year. The strategy focuses on limiting discounting, enhancing marketing efforts, and streamlining the product range.
Strategic Implications and Next Steps
For Artemis, the sale represents a strategic move to reduce substantial debt and align with its focus on controlled assets. For Anta, this acquisition marks a significant step in expanding its global footprint beyond its already substantial portfolio, which includes direct ownership of Fila, Jack Wolfskin, Kolon Sport, and Maia Active.
Anta has indicated it will seek board seats at Puma once the deal is finalised but does not intend a full takeover. The transaction remains subject to several conditions including:
- Antitrust clearances in relevant jurisdictions
- Approval from Anta shareholders
- Regulatory approvals in China and other countries
Puma is scheduled to report its fourth-quarter results next month, which will offer valuable insights into the early impact of its strategic turnaround efforts. The sportswear industry will be watching closely as this partnership between Chinese market expertise and European brand heritage develops, potentially creating a powerful new force in global athletic apparel.
