ANTA SPORTS BUYS PUMA STAKE FOR $1.8B

## The Vulture Move That Changes Everything Anta Sports announced on January 26 it signed a share purchase agreement with Artémis at €35 per share, totaling approximately €1.506 billion, to acquire 29.06% of Puma's shares. The Chinese conglomerate just pulled off the most aggressive distressed asset play in sportswear history. Anta will pay €1.5 billion ($1.79 billion) in cash to take the stake in Puma. The deal makes Anta Puma's largest shareholder, however, Anta said it has "no current plans" to make a takeover offer, which would be required under German securities laws at 30% ownership. Smart money stays at 29%. France's billionaire Pinault family agreed to sell its 29% stake in Puma SE to China's Anta Sports Products Ltd., paring back its holdings beyond the luxury-goods industry as it focuses on a turnaround at the key Gucci brand. The Pinaults are cutting and running from everything that isn't Kering luxury. ## Puma's Nightmare Year Made This Possible The brand had a troubled year in 2025, with a leadership shakeup that began in the spring and continued into the fall. Declines persisted in Q3 and the brand laid off more people in October. Puma's shares were down more than half in 2025, trading near its lowest since 2016. In April 2025, Puma announced that CEO Arne Freundt would step down due to differing views on strategy with the supervisory board. He is to be succeeded by Arthur Hoeld, a former Adidas executive, effective 1 July 2025. Just a month prior to Hoeld's arrival, the company revealed 500 corporate positions would be eliminated. The €1.5 billion valuation appears "reasonable" compared to peer multiples in the sportswear sector, particularly given Puma's current "loss-making status," said Melinda Hu, China consumer analyst at Bernstein. Translation: Anta bought a heritage brand at basement prices. ## The Empire Anta Just Created Anta Sports is the largest shareholder of Amer Sports, Inc., a global group of iconic sports and outdoor brands, including Arc'teryx, Salomon, Wilson, Peak Performance, and Atomic. Anta's portfolio also includes Anta, Fila, Descente, Kolon Sport, Maia Active and Jack Wolfskin. Anta is also a majority shareholder in Amer Sports, which owns Arc'teryx, Salomon, Wilson, Peak Performance and Atomic. It is the world's third-largest sportswear company by revenue, behind Nike and Adidas. Not anymore. This Puma deal puts Anta on a collision course with the big two. The deal builds on Anta's efforts to expand its foothold outside of China, where it has faced growing competition from the likes of Nike and Adidas. Anta may take advantage of Puma's event resources to further achieve global exposure for its brands. The 2026 World Cup timing isn't coincidental. Anta chairman Ding Shizhong isn't buying a turnaround story. "Anta is essentially buying a brand with deep heritage and historically strong products at a distressed valuation," Hu added. He's buying Puma's 75 years of credibility at fire sale prices while everyone else hesitates. The Chinese sportswear wars just went global.