The deal accelerates a strategic shift in global sporting goods: Chinese capital and multi-brand expertise now anchors a 75-year German heritage brand, creating a partnership that bridges ANTA’s Asia dominance with PUMA’s strength in football, running, and motorsport across Europe and Latin America.
ANTA Sports Products Limited has agreed to acquire a 29 percent stake in PUMA SE from Groupe Artémis, the Pinault family’s investment company, for €1.5 billion (approximately $1.6 billion) in cash. The transaction, announced on 27 January, confirms speculation that emerged earlier this month and positions ANTA as PUMA’s largest shareholder – a significant acceleration of the Chinese sporting goods giant’s globalisation strategy.
Reuters reported on 9 January that ANTA had offered to buy the Pinault family’s stake weeks earlier. The now-confirmed deal represents the culmination of those negotiations. Expected to close by the end of 2026 pending regulatory approvals, the deal will be financed entirely through ANTA Sports’ internal cash reserves.
Strategic rationale
Ding Shizhong, Board Chairman of ANTA Sports, framed the acquisition as both a recognition of PUMA’s undervalued potential and a strategic move to leverage the complementary strengths of both companies.
“PUMA is an iconic global brand with substantial heritage,” Ding said in a statement. “Working with PUMA, we look forward to learning from each other and joining hands to fully unlock the brand’s potential.”
The strategic fit centers on geographic and category complementarity. ANTA Sports brings over 35 years of experience in the sporting goods industry and has achieved an industry-leading position in the Chinese market. The company also brings proven expertise in multi-brand operations management and brand revitalisation through its unique “Brand + Retail” business model.
PUMA offers deep global brand equity and a worldwide presence concentrated in key sports categories – football, running, training, basketball, and motorsport – with strong market positions in Europe, Latin America, Africa, and India, regions where ANTA’s presence remains limited.
Ding emphasised that ANTA believes PUMA’s recent share price performance doesn’t fully reflect the brand’s long-term potential. “We have confidence in its management team and strategic transformation,” he noted.
Governance and independence
ANTA Sports has stated it will respect PUMA’s management culture and independent governance as a German-listed company. The Chinese company will seek adequate representation on PUMA’s Supervisory Board, with representatives working alongside shareholder and employee representatives while preserving PUMA’s brand identity and heritage.
“We hope to build strong trust, work together at arm’s length, and leverage our complementary strengths without compromising independence,” Ding said.
ANTA currently has no plans to make a takeover offer for PUMA, though the company noted it will “carefully assess the possibility of further deepening the partnership between the two parties in the future.”
About ANTA’s globalization blueprint
The PUMA stake acquisition represents a major step in ANTA Sports’ “single-focus, multi-brand, globalization” strategy. The company has been systematically expanding its portfolio and geographic reach beyond its Chinese foundation.
ANTA Sports’ brand portfolio includes ANTA, FILA, DESCENTE, KOLON SPORT, MAIA ACTIVE, and JACK WOLFSKIN. The company is also the largest shareholder of Amer Sports, Inc., the global group of outdoor and sports brands including Arc’teryx, Salomon, Wilson, Peak Performance, and Atomic, which is listed on the New York Stock Exchange.
