As expected, Anta Spots has acquired a 29 percent stake in Puma. The more consequential question is what this move means for Puma’s future in China.
Industry insider Adam Sandzer, Head of Strategy at Hot Pot, sees room for growth — but only if Puma is willing to make a set of fundamental strategic shifts.
SGIE Europe: Adam, tell us about your impression of Puma’s China business?
Adam Sandzer: 12 months ago I stood in the Puma flagship store in the famous Huaihai Road in Shanghai and barely recognised a brand that was once very popular with Chinese consumers. There was a clear lack of identity with a random product assortment, unclear messaging and boxes of stock strewn across the shop floor. A stark contrast to the cutting edge, experience centres other sporting goods brands have been creating.
With Hot Pot you’re analyzing the e-com business in China’s Lifestyle segment. What do the numbers say about Puma?
A quick glance at the brand’s e-commerce performance over the past 5 years emphasises the commercial reality behind my experience. The brand hit a peak of net sales across Tmall, JD.com & Douyin in 2020 with RMB 2.9 billion ($420 million). By 2025, the brand had dipped (-17%), falling to RMB 2.4 billion ($350 million). Particularly alarming in the context of the Sports & Outdoor Department doubling in net sales over the same period with competitor brands not only riding but driving this wave.
Read the details about the acquisition
Puma needs a ”brand reset”
Will Anta’s recent investment halt this trajectory for Puma?
Their track record suggests that it will. Fila, a brand that has struggled for traction in its home market, achieved RMB 12.8 billion ($1.8 billion) net sales across the 3 major e-commerce platforms in China in 2025, with 295% growth since 2020. They are also the number one brand in sports footwear. Arcteryx, a brand owned by Amer Sports that is owned by a consortium led by Anta, has gone from strength to strength in outdoor apparel and reached RMB 2.1 billion ($300 million) in 2025 with 1,038% growth. Indeed, Anta itself has established itself as the number one running shoe brand on e-commerce, usurping the global giants, Nike & Adidas.
How will Puma profit from Anta?
Ultimately, Anta has the domestic power and infrastructure that Puma can leverage to regain a credible foothold. That said, the initial priority has to be a major brand reset. They need to realign on their core target audiences and how they want to position themselves to be relevant to them. This will need to be more out of their DNA to be authentic. However, if they get this right, then they will have a partner in Anta that will surely get them in the right place to capitalise.”
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