The 29.06% investment gives China’s largest sportswear group a strategic position in PUMA while leaving the German company independently managed.
China’s ANTA Sports has completed its €1.5055 billion cash acquisition of a 29.06% stake in PUMA, becoming the German sportswear company’s largest shareholder. The stake was acquired from Artémis SAS, the investment company of France’s Pinault family, after receiving regulatory approvals.
The transaction, originally announced in January, does not amount to a takeover. ANTA says it currently has no plans to launch an offer for the remaining shares, while PUMA will retain independent management, governance and brand autonomy. ANTA intends to seek appropriate representation on PUMA’s Supervisory Board.
China becomes the obvious opportunity
ANTA sees the investment as another step in its “single-focus, multi-brand, globalization” strategy. Its portfolio already includes ANTA, FILA, Descente, Kolon Sport, Jack Wolfskin and Maia Active, while it is also the largest shareholder in Amer Sports, owner of Arc’teryx, Salomon, Wilson and Atomic.
For PUMA, ANTA offers particular expertise in Chinese retail, operations and multi-brand management. Greater China remains a relatively underdeveloped opportunity: PUMA’s Q2 2026 sales there increased just 0.9% currency-adjusted, while Asia-Pacific grew 8.6%.
PUMA is still in turnaround mode
The investment arrives during a difficult restructuring. PUMA’s Q2 sales fell 9.4% currency-adjusted to €1.69 billion, although EBIT improved to a €53.1 million loss from €109.1 million a year earlier. Apparel sales declined 4.3%, footwear 11.7% and accessories 12%.
Management expects full-year 2026 sales to fall by a low- to mid-single-digit percentage and EBIT to remain between minus €50 million and minus €150 million.
Supplier takeaway
For apparel and footwear suppliers, ANTA’s arrival could eventually influence PUMA’s sourcing scale, Asia strategy, speed-to-market and operational discipline. For Pakistan, the opportunity lies mainly in performance apparel, football products, knitwear and sportswear—but competing for larger programmes will require stronger MMF capability, rapid product development, traceability and reliable execution.
The next signal to watch is how quickly ANTA translates ownership into measurable gains in PUMA’s China business and global profitability.
