China's Anta to buy 29% stake in Puma for $1.79B, becoming largest shareholder

Chinese sportswear firm Anta has agreed to acquire a significant stake in Germany’s Puma for $1.79 billion, becoming the largest shareholder in the maker of some of the world’s most recognisable athletic footwear.

The deal marks a fresh push by Anta to expand its global footprint while offering Puma a potential boost in its efforts to revive growth.

Anta plans to purchase a 29.06% stake in Puma from the Pinault family, founders of French luxury group Kering, in an all-cash transaction.

The Chinese company will acquire 43.01 million Puma shares at 35 euros each, a sizeable premium to the stock’s last closing price of 21.63 euros.

The transaction follows months of market speculation over a possible stake sale in Puma, which has been undergoing a strategic reset since former Adidas executive Arthur Hoeld took over as chief executive in 2025.

Puma searches for momentum after tough year

Puma has faced a challenging operating environment over the past year, with its shares coming under pressure from weaker demand, elevated inventories, and higher costs.

The company was also hit by the fallout from US President Donald Trump’s tariff policies, which added strain to global supply chains and consumer sentiment.

The German group has been working to refresh its product offering and streamline operations in an attempt to regain ground lost to larger rivals Nike and Adidas, while also fending off competition from fast-growing brands such as New Balance and Hoka.

In October, Puma announced plans to cut a further 900 jobs as part of an expanded cost-reduction programme.

The company has said it aims to return to growth from 2027 as it rolls out a broader brand-reset strategy.

Deal to help Anta become a globalised business, revive Puma in China

"We believe Puma's share price over the past few months does not fully reflect the long-term potential of the brand," Ding Shizhong, Anta's chair, said in a statement.

"We have confidence in its management team and strategic transformation."

The stake sale is expected to help Puma deepen its presence in mainland China, one of the world’s largest and most competitive sportswear markets.

Anta operates extensive distribution and brand-building networks across China, which could support Puma’s local growth ambitions.

For Anta, China’s largest sportswear company, the deal builds on its efforts to become a more globalised business.

The group competes directly with Nike and Adidas in its home market and has increasingly looked overseas for expansion opportunities.

Anta has a track record of acquiring and repositioning Western sports and lifestyle brands.

It owns labels including Fila and Jack Wolfskin and is also the largest shareholder of New York-listed Amer Sports, whose portfolio includes Wilson, Peak Performance, and Atomic.

The company said Puma was complementary to its existing brand lineup and could strengthen its international competitiveness.

Anta has been expanding across Southeast Asia, North America, and Europe, and said the Puma investment would further enhance its presence and brand recognition globally.

Anta shares rose as much as 3.4% in early Hong Kong trading before paring gains to 1.4%.

Mixed views from analysts

Analysts offered differing views on the deal’s implications.

Citigroup said Anta’s strong post-acquisition execution record gave it confidence in the group’s ability to revitalise Puma’s business.

DBS Group Research said the investment was unlikely to materially affect earnings in 2025 and 2026 but would strengthen Anta’s long-term global positioning.

It added that Anta can capture strong market share in Europe while "creating opportunity to expand Puma's presence in China and Asia.

Jefferies analysts were more cautious, warning of dilution risks and potential strain on Anta’s management resources.

"We already felt that the Anta brand was facing challenges stemming from strategy missteps, and this acquisition may further sap its management resources," they wrote in a note.

They also noted challenges in refreshing Puma’s brand image in China, where it is already well known.

Anta said it would fund the acquisition using internal resources and plans to seek board representation at Puma, while ruling out a full takeover.

The transaction is expected to close by the end of 2026.