Anta Sports Products Limited, the China-based company incorporated in the Cayman Islands with limited liability and issued shares listed on the Main Board of the Hong Kong Stock Exchange, has agreed to acquire a large stake in Puma SE.
Anta, the largest shareholder in Arc’teryx, Wilson and Salomon parent Amer Sports, owner of the Jack Wolfskin business operator of retail stores in China for the Anta brand, Fila, Descente, Kolon Sport, and Amer Sports, which has been a primary driver of Arc’teryx, Wilson and Salomon in the Asia region, has cut a deal to acquire a 29 percent stake in the German brand.
Anta Sports Products Limited (Anta, the Company) entered into a Share Purchase Agreement (SPA) on January 26, pursuant to which the Company has conditionally agreed to purchase, and Puma shareholder Artémis (the Seller) has conditionally agreed to sell, its full stake.
The Seller is a French simplified joint-stock company (société par actions simplifiée), the investment company of the Pinault family with interests in a wide array of businesses.
Consideration
This latest move, perhaps the worst-kept secret in the active lifestyle market since the company took Amer Sports public again, involves the purchase of 43,014,760 ordinary shares of Puma SE, representing ~29.06 percent of Puma SE’s issued share capital as of January 26, 2026. Anta will pay €35 per ordinary share in cash, amounting to ~€1.51 billion in aggregate (exclusive of tax), and equivalent to ~¥12.27 billion in the Chinese renminbi (RMB) currency (The Consideration).
The Consideration was said to be determined after arm’s length negotiation between Anta and the Seller, taking into account Puma SE’s market positioning and historical business and financial performance, Puma SE’s historical and prevailing share price levels prior to the Acquisition, and the current market conditions and valuation of other listed companies in the global sportswear sector, and (iv) the future prospects of the Puma SE’s principal business.
The Consideration is expected to be funded by the company’s internal resources, including its working capital.
Anta agreed to make certain additional payments to the Seller if any applicable public takeover offer, mandatory offer, acquisition offer, delisting takeover offer, or squeeze-out of Puma SE is published or initiated within fifteen (15) months after the Effective Transfer Date. The payment of an Additional Aggregate Purchase Price shall be subject to the completion of a Takeover Offer, a Delisting Offer, or a Squeeze-out.
Making the Case
Anta, in making its case to its shareholders, stressed that it has “a proven and well-evidenced track record in supporting multi-brand transformation, value rejuvenation, and high-quality growth across both the China and global markets,” supported by its distinctive and mature “brand+retail” business model. Together with its capabilities in multi-brand integrated management and retail operations, the Company said it “has established a brand-building, retail execution, and supply-chain management system that supports global development.”
Anta said it intends to seek adequate representation on the Puma Supervisory Board as soon as possible after the transaction is settled.
“The representative(s) will work closely with the other Supervisory Board members from both the shareholders’ and employee representatives’ side, while preserving Puma’s strong brand identity and heritage, with an aim to help empower Puma to fully realize its brand potential, stimulate its brand advantages and heritage, and create long-term value for global consumers and stakeholders,” Anta noted in the acquisition announcement.
Puma CEO Arthur Hoeld said in a brief statement, “Puma SE acknowledges that Anta Sports has agreed to acquire a 29.06 percent stake in the company. Puma’s strategic priorities are clear. We are focused on strengthening our global brand, delivering compelling products, and engaging consumers worldwide to become a Top 3 global sports brand. Anta aims to empower Puma to fully realize its brand potential and its heritage to create long-term value for global consumers and stakeholders. We see this as a vote of confidence in Puma and its strategic direction.”
Puma 2025 Nine-Month Sales Summary
Puma SE reported sales in the first nine months of 2025 (YTD) decreased 4.3 percent currency-adjusted (ca) to €5.97 billion, with a decline across all regions and product divisions. Currencies, especially the U.S. dollar, Mexican peso and Argentine peso, reportedly presented a headwind and negatively impacted sales in euro terms by approximately €288 million, with sales declining 8.5 percent).
Puma’s Wholesale business declined 8.6 percent ca to €4.26 billion, driven by softness in North America, Greater China and Europe. The direct-to-consumer (DTC) business increased 8.4 percent ca to €1.72 billion, driven by 14.2 percent ca growth in e-commerce and a 5.2 percent ca increase in owned & operated retail stores. This resulted in an increased DTC share of 28.8 percent in the 2025 YTD period, compared to 25.5 percent in the 2024 YTD period.
From a regional perspective, sales in the EMEA region decreased 1.9 percent ca to €2.57 billion. The Americas region recorded a sales decline of 6.2 percent ca to €2.21 billion, while sales in the Asia/Pacific region decreased 5.5 percent ca to €1.19 billion in the 2025 YTD period.
Nine-month YTD Footwear sales decreased 1.1 percent ca to €3.29 billion, while Apparel sales decreased 8.7 percent ca to € 1.83 billion, and Accessories decreased 6.1 percent ca to €853.4 million.
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Adding Puma to the Anta Sports family should help boost Puma’s fortunes in Greater China, as has been the case with Arc’teryx, Salomon and even Wilson Sports. Look to the Supervisory Board’s representation to make their voices heard and build the brand in China and beyond. In line with its modus operandi, a move to acquire a larger stake and take control of another German brand would not be a surprise.
Image courtesy Puma SE
