Anta Sports Set to Become Puma's Largest Shareholder in $1.8 Billion Deal — Update

By P.R. Venkat and Kimberley Kao

Chinese sportswear firm Anta has agreed to acquire a stake in Puma for $1.79 billion, making it the biggest shareholder in the German company famous for its iconic sneakers.

Anta plans to take a 29.06% stake in Puma from the Pinault family, founders of the luxury group Kering that houses Gucci, in an all-cash deal.

Anta, which has operation centers in Fujian, China, will buy 43.01 million shares in the German athletics goods company at 35 euros each--a premium to the stock's last closing price of 21.63 euros.

The deal follows months of speculation that several companies had been vying to buy a stake in Puma, which has been executing a business revamp after former Adidas executive Arthur Hoeld took the reins at the group in 2025.

Puma's shares came under heavy pressure last year from multiple challenges, including the fallout from President Trump's tariffs. It has been looking to refresh its product lineup to shore up demand, reduce excess inventory and rein in costs.

In October, the German company announced plans to cut 900 more jobs, expanding its cost-reduction program. It aims to return to growth from 2027 onward as it rolls out a brand-reset strategy.

For Anta--China's biggest sporstwear brand--the 1.51 billion-euro deal with Puma builds on efforts to grow its footprint outside of China, where it competes with the likes of Nike and Adidas.

Anta, which owns labels including Fila and Jack Wolfskin, has been expanding operations across key markets, including Southeast Asia, North America and Europe. With the Puma stake acquisition, "the group is expected to further enhance its presence and brand recognition in the global sporting goods market," it said Tuesday.

Shares of Anta rose as much as 3.4% in early trading in Hong Kong, before paring gains to 1.6%.

Though the move is unlikely to have much of an impact on earnings over 2025 and 2026, it should continue to strengthen Anta's global market positioning, DBS Group Research analysts said.

Anta can capture strong market share in Europe while "creating opportunity to expand Puma's presence in China and Asia," they wrote in a note.

Jefferies equity analysts, however, believe the deal creates dilution risks that significantly outweigh long-term rewards for Anta.

"We already felt that the Anta brand was facing challenges stemming from strategy missteps" and this acquisition may further sap its management resources, they wrote in a note.

Furthermore, since Puma is already well-known in China, Anta may face difficulties in bringing "a sense of brand freshness", they added.

Anta said it will fund the purchase using internal resources, including working capital, and plans to secure board representation at Puma. The transaction is expected to close by the end of 2026.

Founded in 1991, Anta is also the largest shareholder of NYSE-listed Amer Sports, whose portfolio features Wilson, Peak Performance and Atomic.

Write to P.R. Venkat at venkat.pr@wsj.com and Kimberley Kao at kimberley.kao@wsj.com

(END) Dow Jones Newswires

January 26, 2026 23:13 ET (04:13 GMT)