The regulatory clearance was the easy part. Puma’s sales are falling fastest in the Americas, and one Shanghai-based analyst doubts Anta’s minority stake will translate into retail priority in China.
China’s State Administration for Market Regulation (SAMR) unconditionally approved Anta Sports’s acquisition of a 29.06 percent stake in PUMA on Sept. 11, confirming Anta as PUMA’s largest single shareholder once the transaction closes.
SAMR examined and approved the case between Aug. 31 and Sept. 6, and published the approval on Sept. 11.
The transaction dates to Jan. 27, when Anta agreed to buy the stake from Groupe Artémis, the investment vehicle of France’s Pinault family, at €35 per ordinary share, for a total consideration of €1.506 billion. Anta stated the purchase would be funded from existing cash. Anta ruled out a full takeover of PUMA, planning instead to seek board representation. The deal is expected to close before the end of 2026, subject to remaining regulatory and customary closing conditions.
Anta Group’s first-half 2026 revenue rose 12.9 percent year over year to CNY 43.51 billion (approximately €5.61 billion at the Sept. 11 spot rate), with operating profit up 16.1 percent to CNY 11.76 billion (approximately €1.52 billion).
PUMA’s first-half 2026 revenue fell 7.9 percent year over year to €3.5544 billion, or 5.2 percent at constant currency. By region, PUMA’s Europe, Middle East and Africa sales fell 12.9 percent. In the Americas, overall sales fell 15.4 percent, with North America down 16.7 percent and Latin America down 13.8 percent.
Moqian Sun of The Harvest has argued that Anta’s minority stake, with no plan to acquire more, makes it unlikely Anta will prioritize PUMA’s retail buildout in China over its own brands.
Anta completed a full acquisition of German outdoor brand Jack Wolfskin in 2025. It also owns Amer Sports, whose brands include Arc’teryx, and holds FILA’s China license.
China Renaissance Securities forecast in a research note that Anta brand sell-through in the third quarter would range between a 2 percent decline and a 2 percent increase, with sell-through for the other-brands portfolio potentially reaching 20 percent growth.
See also: Official case list published by People´s Republic of China’s State Administration for Market Regulation (SAMR), titled “2026年8月31日—9月6日 无条件批准经营者集中案件列表” (List of Unconditionally Approved Concentration of Undertakings Cases, Aug. 31–Sept. 6, 2026). Credited to the Anti-Monopoly Law Enforcement Bureau II (反垄断执法二司), published Sept. 11, 2026.
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