China’s Anta Sports Products has offered to buy 29 percent of struggling German sportswear firm Puma from France’s Pinault family, Reuters reports. The offer, made weeks ago with financing secured, had been expected to exceed €40 per share but talks have stalled.
Anta Sports Products, China’s largest sportswear company, apparently has made an offer to acquire the Pinault family’s 29 percent stake in German athletic brand Puma, according to three people with knowledge of the talks speaking to Reuters. The same report states that Anta made the offer several weeks ago and has secured financing for the acquisition. However, the deal has since stalled, according to one source.
Artemis, the investment firm run by Francois-Henri Pinault, Chairman of luxury conglomerate Kering, had been expecting any offer for its Puma stake to exceed €40 per share. Artemis and Puma declined to comment. Puma shares rose as much as 9 percent after the Reuters report on Jan. 8, hitting their highest level since May 2025 to trade at €24.6, according to LSEG data.
Market context and Puma’s challenges
Puma’s market capitalization stood at €3.3 billion ($3.85 billion) at Wednesday’s close, down approximately 50 percent from the same date last year as the brand faced a steep decline in sales. In October, Puma’s new CEO Arthur Hoeld set out his turnaround strategy after taking the helm, seeking to reverse the brand’s fortunes in an increasingly competitive athletic footwear and apparel market.
Why this deal could reshape the landscape
Anta has a track record of acquiring and revamping Western sports and lifestyle brands. In 2019, it led a consortium to buy Amer Sports, owner of racquet maker Wilson and mountain sports specialist Salomon. Amer Sports subsequently went public in the US in February 2024.
Anta had been exploring a bid for Puma since November 2025, when a source close to the matter first revealed the Chinese company’s interest.
“We view the potential disposal of Artemis’ 29 percent stake in Puma as incrementally positive for the Puma equity story, with potential new ownership that could support investments behind the brand, offer new perspectives and support the early stage turnaround strategy under new CEO Arthur Hoeld,” RBC analysts said in a note following the Reuters report.
Strategic implications for Artemis
The Pinault family acquired its Puma stake from Kering when it transformed the conglomerate into a pure luxury player in 2018. Artemis controls Kering – which includes fashion house Gucci among its brands – as well as auction house Christie’s and Hollywood talent agency CAA.
Artemis has been under investor scrutiny due to the debt it built up as Pinault sought to diversify away from Gucci during a slide in luxury sales. A sale of the Puma stake could provide financial flexibility for the investment firm.
Source: Reuters
