Anta Sports has completed its acquisition of a 29.06% stake in Puma SE from Artémis, the investment company of the Pinault family, becoming the German sportswear company’s largest shareholder in a deal valued at approximately €1.5 billion.
Anta paid €1.5055 billion in cash for the stake following the completion of regulatory approvals and other closing conditions. The transaction marks the end of Artémis’ position as Puma’s largest shareholder and gives Anta a strategic foothold in one of the world’s major global sportswear brands.
Artémis had become Puma’s largest shareholder after Kering, the luxury group controlled by the Pinault family, separated Puma from its luxury portfolio in 2018. Artémis subsequently held the stake as a long-term investment. Anta has now acquired that holding, while Puma continues to operate as an independently managed company.
Puma welcomed Anta as its new largest shareholder, with CEO Arthur Hoeld describing the investment as a vote of confidence in the company’s strategy, management and future. Anta Chairman Ding Shizhong said the group intends to support Puma while respecting its brand identity, heritage, corporate culture and independent governance.
Anta has stated that it does not currently intend to launch a takeover offer for Puma. Instead, the Chinese sportswear group plans to seek appropriate representation on Puma’s Supervisory Board and work with the company on its next phase of growth.
Anta Expands Its Global Sportswear Portfolio
The Puma investment strengthens Anta’s strategy of building a global multi-brand sportswear group.
Founded in 1991, Anta has grown into one of China’s largest sportswear companies and operates brands including ANTA, FILA, DESCENTE, KOLON SPORT, JACK WOLFSKIN and MAIA ACTIVE. It is also the largest shareholder of Amer Sports, whose portfolio includes international sports and outdoor brands such as Arc’teryx, Salomon, Wilson, Atomic and Peak Performance.
Anta reported RMB80.22 billion in revenue in 2025, with its portfolio spanning sportswear, outdoor and lifestyle categories. Its growing international presence gives the group an increasingly broad retail and distribution platform outside China.
Puma adds another established global brand to that portfolio. Founded in Germany in 1948, Puma sells footwear, apparel and accessories across more than 120 countries, with businesses covering football, running, training, basketball, golf, motorsport and sportstyle.
Puma’s Retail and Distribution Network
Puma’s business combines wholesale distribution, company-operated retail stores and e-commerce, rather than relying primarily on a traditional franchise model.
Wholesale remains the company’s largest sales channel. In 2025, Puma generated approximately €4.94 billion, or 67.6% of sales, through wholesale, while its direct-to-consumer business contributed approximately €2.36 billion, or 32.4%.
The company also works with independent distribution partners in selected markets, alongside its own stores and digital channels. This hybrid model has allowed Puma to build a broad international footprint while maintaining direct control over key markets and flagship retail locations.
The group also owns Cobra Golf and stichd, adding golf equipment and licensed apparel businesses to its sportswear operations.
Strategic Opportunity in China
China is expected to be an important area of potential cooperation between Anta and Puma.
Puma has a relatively smaller presence in China compared with its position in several other major international markets, while Anta has extensive knowledge of the country’s sportswear consumers, retail environment and distribution network.
The companies have indicated that they will explore opportunities to combine their respective strengths in China and other international markets. For Puma, Anta provides access to local market expertise and multi-brand retail experience. For Anta, the investment provides exposure to Puma’s global brand, sporting partnerships and international consumer base.
The transaction also comes as Puma works through a major business reset. The company reported €7.3 billion in sales for 2025, with revenues affected by weaker wholesale performance and efforts to reduce excess inventory and promotional activity.
Puma has been focusing on improving product quality, strengthening its brand positioning and creating a healthier distribution mix as it works to return to sustainable growth.
A New Chapter After Artémis
Puma was previously part of Kering before the French luxury group separated the sportswear company from its portfolio. Artémis, controlled by the Pinault family, subsequently became Puma’s anchor shareholder, providing continuity during the years that followed.
With Anta acquiring Artémis’ 29.06% holding, Puma now enters a new shareholder relationship with one of Asia’s largest sportswear groups.
The transaction does not change Puma’s independent operating structure, but it gives Anta significant influence as the company’s largest shareholder and creates potential opportunities across China, international retail, distribution, product development and multi-brand sportswear operations.
For Anta, the deal represents another major step in its international expansion. For Puma, it brings a new strategic shareholder as the German brand seeks to strengthen its global position and move beyond its current period of transformation.
