BEIJING, 27 January 2026 — China’s largest sportswear company Anta Sports Products said it will acquire a 29.06% stake in German rival Puma for €1.5 billion (US$1.8 billion), becoming the biggest shareholder in the company while ruling out a full takeover.
Anta will purchase the shares from the Pinault family’s investment vehicle Artemis, paying €35 per share in cash. The offer represents a 62% premium to Puma’s previous closing price of €21.63 and comes as the German sportswear maker seeks to revive growth after losing ground to global competitors.
Following the announcement, Puma shares jumped as much as 17% before easing to around 6% higher by 0915 GMT, still trading near their lowest levels in a decade. Anta shares rose 2%.
Strategic Push Into China
Anta said it plans to leverage its expertise and distribution strength to help Puma expand in China, a market where the German brand remains underrepresented.
“Puma has more potential in the Chinese market, where they are underrepresented with only 7% of their global revenues,” said Wei Lin, Anta’s global vice-president for sustainability and investor relations.
“We have a lot of insight on how to make Puma more successful in China.”
The deal also supports Anta’s ambition to become a more global sportswear group. The Hong Kong-listed company has a market value of about US$27.8 billion and owns brands including Fila, Jack Wolfskin, Kolon Sport and Maia Active.
Portfolio Synergies, No Takeover Plan
Anta said Puma complements its existing brand portfolio and could strengthen its international competitiveness. The group is also the largest shareholder in Amer Sports, owner of Salomon, Arc’teryx and Wilson, which has delivered strong revenue growth despite industry pressures.
“Anta has a track record of developing brands, and we would expect them to be a more active partner than Artemis,” Deutsche Bank analysts said in a note.
Anta said it would seek board representation at Puma once the deal is finalised but will not pursue a full takeover.
Puma Under Pressure
Puma has been struggling amid intensifying competition from Nike, Adidas and newer brands such as On Running. Recent sneaker launches, including the Speedcat, failed to deliver the expected momentum.
Chief executive Arthur Hoeld, who took over in July, announced a turnaround plan and 900 job cuts in October, on top of 500 layoffs earlier last year.
Wei Lin said Anta has confidence in Hoeld and his management team. Puma is due to report fourth-quarter results next month, offering investors an early indication of how its strategy to reduce discounting, streamline products and boost marketing is progressing.
Artemis Exit and Deal Conditions
The sale allows Artemis to reduce its debt load. The Pinault family took control of Puma from Kering in 2018, when Kering refocused on luxury.
“This disposal is consistent with the ongoing strategy implemented by Artemis to focus on controlled assets and to redeploy its resources towards new value-creating sectors,” Artemis said.
The transaction remains subject to antitrust clearances, Anta shareholder approval, and regulatory approvals in China and other jurisdictions.
