BUSINESS

Anta Looks to Turn Around Puma in $1.8 Billion Deal

Published: Jan. 27, 2026 6:15 p.m. GMT+8

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Anta is betting it can revive the struggling German brand much as it did with earlier acquisitions such as Fila in China and Amer Sports. Photo: VCG

Anta Sports Products Ltd. has agreed to acquire a 29.06% stake in PUMA SE from the Pinault family’s investment vehicle for 1.5 billion euros (about $1.8 billion), becoming the single largest shareholder in the German sportswear maker.

The transaction underscores the global expansion of the Chinese athletic apparel giant, which is betting on its ability to revitalize the struggling German brand much as it has with previous acquisitions like Fila in China and Amer Sports.

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Anta Sports will acquire a 29.06% stake in Puma SE for €1.5 billion, becoming its largest shareholder, with the deal expected to close by end-2026.
Puma faces challenges, reporting a €309 million loss in the first nine months of 2025 and planning to cut about 900 jobs globally by 2026 as part of a “reset year.”
Anta aims to globalize its brand, leveraging past successes with Fila and Amer Sports while preserving Puma’s independence.

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Who’s Who

Anta Sports Products Ltd.: Anta Sports Products Ltd. is a Chinese athletic apparel giant. It has acquired a 29.06% stake in PUMA SE for 1.5 billion euros, becoming the largest shareholder. This is part of Anta's "single-focus, multi-brand, globalization" strategy, having previously acquired and revitalized brands like Fila (its China operations) and Amer Sports. Anta aims to support Puma's revival and integrate its own brand into the global market.

PUMA SE: PUMA SE is a German sportswear manufacturer, founded in 1948. Recently, it has faced challenges including weak growth, declining sales, and a net loss of 309 million euros in the first nine months of 2025. Chinese athletic apparel giant Anta Sports Products Ltd. acquired a 29.06% stake in PUMA SE for 1.5 billion euros, becoming its largest shareholder.

Groupe Artémis: Groupe Artémis is the Pinault family's investment vehicle. It has agreed to sell its 29.06% stake in PUMA SE to Anta Sports Products Ltd. for 1.5 billion euros, making Anta the largest shareholder. The deal is expected to close by the end of 2026.

Fila: Fila's Chinese operations were acquired by Anta Sports in 2009. This acquisition proved successful, turning Fila into a significant growth driver for Anta Sports. Anta's ability to revitalize such acquired brands underlines its strategy of "single-focus, multi-brand, globalization."

Amer Sports: Amer Sports is a global sports equipment company and the parent company of brands like Arc’teryx and Salomon. In 2019, a consortium led by Anta Sports acquired Amer Sports. Amer Sports later went public in the U.S. in early 2024, demonstrating Anta's strategy of acquiring and revitalizing international brands.

Cobra Golf: Cobra Golf is a brand owned by Puma, a German sportswear company. Puma has recently faced challenges, including a decline in sales and a net loss in the first nine months of 2025. Anta Sports Products Ltd. has acquired a significant stake in Puma, aiming to revitalize the brand.

Arc'teryx: 始祖鸟 (Arc'teryx) was acquired by a consortium led by Anta, a Chinese athletic apparel giant, in 2019. It is part of Amer Sports, which went public again in the U.S. in early 2024. Anta's strategy involves acquiring international brands and leveraging its operational expertise to manage them globally.

Salomon: Salomon is a brand under Amer Sports, which was acquired by a consortium led by Anta in 2019. Amer Sports later went public in the U.S. in early 2024. Anta's strategic acquisitions aim to leverage its operational expertise to manage global brands and integrate them into the world market.

Jack Wolfskin: In April 2025, Anta acquired German outdoor brand Jack Wolfskin for $290 million. This acquisition is part of Anta's strategy of acquiring international brands to reposition them in China, and then leveraging that expertise to manage global brands abroad.

stichd: The article doesn't explicitly mention "斯蒂奇", but it does mention "stichd." stichd is a company owned by Puma. Puma has been facing recent struggles, including declining sales and a net loss in the first nine months of 2025.

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What Happened When

2009：: Anta purchased Fila’s Chinese operations.

2019：: Anta led a consortium to acquire Amer Sports.

Early 2024：: Amer Sports, a subsidiary of Anta, went public again in the U.S.

April 2025：: Anta announced the $290 million acquisition of German outdoor brand Jack Wolfskin.

In the first nine months of 2025：: PUMA sales fell 4.3% across all regions and product divisions, resulting in a net loss of 309 million euros.

Since the third quarter of 2025：: PUMA has implemented measures as part of a 'strategic reset year,' including reducing wholesale operations, clearing excess stock, and cutting promotions.