Puma now faces pressure from two directions: Anta Sports seeking a board seat and Frasers Group – which has used minority stakes to extract commercial concessions before – watching closely.
UK retail group Frasers Group has acquired a near 6% stake in German sportswear brand Puma, making it the brand’s second-largest shareholder, Reuters reported on March 5, citing a regulatory filing. Puma’s share price rose more than 6 percent on the news.
The investment is notable not only for its size but for its source. Frasers, controlled by British billionaire Mike Ashley, has built a track record of taking minority positions in struggling or undervalued retailers and using those footholds to push for strategic change – or to pressure companies into commercial arrangements that benefit its retail network. The group declined to comment on the Puma stake.
A brand under pressure, but not without breathing room
Puma suspended its dividend after reporting a full-year net loss of over €640 million for 2025, with the final quarter alone accounting for the bulk of that damage. The underlying competitive pressure remains acute. The brand faces challenges from legacy rivals Nike and Adidas, as well as faster-growing newcomers – most notably Swiss brand On Holding, which has captured running market share across Europe and the US with premium positioning and strong direct-to-consumer execution.
Puma is also a significant supplier to Sports Direct, the flagship retail format of Frasers Group and the engine of the company’s profitability. That commercial relationship adds a layer of complexity to the new shareholding: Ashley’s group now has a financial stake in the health of a brand it already depends on as a key supplier.
Anta already at the table, Frasers at the door – who drives the big cat?
The Frasers move arrives in the wake of a major ownership shift already underway at Puma. In late January, Anta Sports Products – China’s largest sportswear group and owner of the Fila license in China – agreed to acquire a 29% stake in Puma for €1.5 billion ($1.74 billion) from Artemis, the holding entity of Kering (the French luxury group that had been Puma’s controlling shareholder). Anta indicated at the time that it would seek a board seat once it becomes Puma’s largest shareholder.
That creates an unusual governance situation: Puma’s two largest shareholders – one Chinese, one British – both have strong commercial and strategic interests in what direction the brand takes. Anta brings manufacturing muscle and access to the Chinese market; Frasers brings European retail distribution and a history of pushing portfolio companies toward its own commercial ecosystem.
Ashley’s activist playbook in action
This is not the first time Frasers has accumulated shares in a struggling retail or consumer brand. The group holds significant minority stakes in online fashion platform ASOS, British department store group Debenhams and electrical retailer AO World – all companies that have faced structural or financial difficulties. In several cases, those positions have been used as leverage for board representation, supply agreements or sale processes.
Whether Frasers will pursue a similar strategy with Puma remains to be seen. The two companies have not commented on any discussions. But the pattern is consistent enough that the market reacted with clear interest: Puma’s share price movement on the day suggests investors read the stake as a potential catalyst.
