by HOU Ruining

Anta Sports said on Jan. 27 it will acquire a 29.06% stake in Puma SE for more than €1.5 billion, making the Chinese group the German sportswear brand's largest shareholder.

The transaction will be funded entirely with internal cash reserves and is expected to be completed by the end of 2026, subject to regulatory approvals and customary closing conditions.

Anta Sports shares were up 1.64% in afternoon trade at HK$77.60, giving the company a market value of about HK$217.0 billion.

The deal follows months of market speculation after Puma's major shareholder, the Pinault family, began exploring strategic options, including a potential sale.

Founded in 1948 and headquartered in Germany, Puma designs and sells athletic footwear, apparel and accessories. The company has struggled in recent years: net profit fell from €360 million in 2023 to €342 million in 2024, before sliding into losses in 2025. It reported a net loss of €247 million in the first half and a €62.3 million loss in the third quarter.

Puma has announced cost-cutting measures to address elevated operating expenses, including plans to cut about 900 white-collar jobs globally by the end of 2026, following layoffs of 500 announced in March 2025.

Anta Sports said the investment supports its globalization and multi-brand strategy and that it has no plans to make a takeover offer, while backing Puma SE's management and brand autonomy.

The move extends Anta's overseas expansion. In April 2025, the company agreed to acquire German outdoor brand Jack Wolfskin for $290 million, completing the deal a month later. Anta also remains the largest shareholder of Amer Sports, which owns brands including Arc'teryx, Salomon and Wilson.

Anta reported record results in H1 2025, with revenue up 14.3% year on year to 38.54 billion yuan and adjusted profit attributable to shareholders rising 7.1% to 6.60 billion yuan. For the full year, Anta said retail sales of its core Anta brand grew at a low single-digit rate, FILA posted mid single-digit growth, and other brands rose 45%–50%.