Anta enters Puma: China accelerates its global athleisure push as the german stock jumps +20%

The Chinese sportswear giant acquires a 29% stake in the German brand for €1.5 billion, becoming its largest shareholder. A strategic move that strengthens Anta’s Western footprint but raises concerns among analysts.

Anta Sports Products Ltd., China’s largest sportswear manufacturer, has taken another decisive step in its global expansion by acquiring around 29% of Puma SE for €1.5 billion. The deal involves the purchase of 43 million shares from Artémis, the holding company of the Pinault family, at €35 per share—representing a 62% premium over the stock’s last closing price. The transaction is expected to close by the end of the year.

The market reacted enthusiastically: Puma shares surged by around 19%, while Anta recorded its biggest one-day gain since November. Although the Chinese group has ruled out, at least for now, a full acquisition, the move has reignited speculation about a potential future takeover, already rumored in recent months.

According to chairman Ding Shizhong, the investment in Puma serves as an accelerator of Anta’s globalization strategy and an opportunity to tap into the growth of the global sports market, particularly in China. The group aims to capture post-pandemic demand for athleisure products, strengthening a portfolio that already includes Western brands such as Fila, Descente, Jack Wolfskin and, through Amer Sports, Salomon and Arc’teryx.

However, doubts remain. Some analysts warn that the deal could divert managerial resources away from the Anta brand itself, which is already facing downward revisions to its growth forecasts. In addition, Puma is a well-established brand in China, a factor that could limit the benefits in terms of image renewal.

On the other hand, observers see significant potential for Puma precisely through synergies with Anta in distribution, supply chain and branding. At a time when the German brand is seeking a turnaround—after its stock fell by more than 30% over the past year—the entry of the Chinese group could mark the beginning of a new chapter in the global sportswear market.

Andrea Pelucchi