The global sportswear business map has just been reshuffled. Anta Sports Products, China’s largest sportswear brand, has agreed to acquire 29.06% of Puma shares for 1.5 billion euros (US$1.8 billion), becoming its largest shareholder.
The transaction, reported by Reuters, comes at a critical moment for Puma, which is seeking to revive growth after losing ground to competitors such as Nike, Adidas, and emerging brands like On Running.
A strategic sale for the Pinault family
The stake was acquired from Artemis, the investment vehicle of the Pinault family, which also controls the luxury conglomerate Kering. Artemis will sell its stake at 35 euros per share, a 62% premium to Puma’s previous closing price.
According to Reuters, the deal will allow Artemis to reduce its debt levels while reinforcing its strategy of focusing on assets deemed strategic. The Pinault family had previously described its stake in Puma as non-strategic after repositioning Kering as a pure luxury group.
The market reacted immediately: Puma shares surged by as much as 17% and closed up nearly 9%, despite still hovering near their lowest levels in a decade.
China, the big opportunity for Puma
One of the central pillars of the deal is Puma’s growth in the Chinese market, where it currently generates only about 7% of its global revenue.
From Anta’s perspective, that is where the greatest potential lies. Wei Lin, Anta’s global vice president for sustainability and investor relations, told Reuters that the company has deep knowledge of the Chinese consumer and proven experience in scaling Western brands in that market.
Anta is no stranger to this type of move. It is the largest shareholder of Amer Sports, the group that owns Salomon, Arc’teryx, and Wilson—brands that have managed to grow even as Nike and Adidas have faced mounting pressure.
Puma in the midst of restructuring
The investment arrives at a delicate moment for Puma. The company is undergoing an operational restructuring after recent product launches—such as the Speedcat sneakers—failed to generate the momentum executives had hoped for.
Since last July, new CEO Arthur Hoeld has rolled out a turnaround plan that includes cutting 1,400 jobs, adjusting the product portfolio, and reducing discounting to protect margins.
Anta said it will not seek a full takeover of Puma, although it does plan to request board seats once the transaction is completed, pending regulatory and antitrust approvals.
A move that reshapes global competition
Beyond the financial transaction, Anta’s entry as Puma’s largest shareholder reflects a broader structural trend: the rise of Chinese groups as architects of a new balance in the global sportswear industry.
As European and U.S. brands face pressure from costs, product saturation, and shifting consumer behavior, Anta has shown that scale, supply-chain control, and deep local insight can be decisive advantages.
The challenge ahead is clear: if Anta manages to replicate with Puma the success it has achieved with other Western brands, the competitive landscape of sportswear could change permanently.
And this time, growth will not come from Europe or the United States—but from Asia.
