Anta Sports is now the largest shareholder in German sportswear giant Puma after buying a $1.8 billion (€1.5 billion) stake, marking the Chinese company’s latest move toward becoming a global sports apparel powerhouse.

The deal sees Anta buying a 29.06% stake in Puma from Groupe Artémis, the investment house of the Pinault family, which had owned the stake since 2018. Artémis also owns companies like Creative Arts Agency, auction house Christie’s, and more. Rumors that Puma was up for grabs date back to the summer; Reuters reported earlier this month that Anta had made an offer.

The €35 per share purchase price represents a premium of almost 62% over Puma’s closing price on Monday. Puma stock had been slumping for some time; shares have fallen by more than 70%  over the last five years, and ended 2025 nearly 50% lower. Shares were up more than 9% midday Tuesday.

The deal underscores the current gap in scale between the two companies; as of Monday, Puma’s market capitalization was about $3.5 billion, compared to Anta’s $27 billion.

For Anta, the deal is aimed at furthering its global “reach, recognition and competitiveness,” according to the press release. The company has a very strong presence in Asia, including through its ownership of the Chinese franchise rights to the Fila brand. It also owns Maia Active, a Shanghai-based sportswear brand for women, South Korean apparel company Kolon Sport, and Japanese clothing company Descente.

But in recent years, Anta—whose pro athletes include NBA stars Kyrie Irving and Klay Thompson—has been building up its brand outside of that region. It’s also the largest shareholder of Amer Sports, which went public in late 2024 and owns brands like Salomon, Arc’teryx, and Wilson. Last year, it bought German outdoor apparel company Jack Wolfskin from Callaway. 

Founded in 1948, Puma is a well-recognized global brand, but its recent struggles have been well documented. Telsey Advisory Group analyst Cristina Fernández told FOS in August, “Puma is not a broken brand. The company needs to go through its portfolio, see where it needs more innovation, bring back retro products, and find collaborations that hit—like it did with Rihanna in the past.”

Anta’s board chairman Ding Shizhong said in Tuesday’s press release that the deal “marks a major step forward in our ‘single-focus, multi-brand, globalization’ strategy.”

“This will further accelerate [Anta’s] globalization, and help drive the next chapter of growth for the global sports markets including China—creating lasting value for both companies’ consumers and shareholders worldwide.”

Puma is in the beginning stages of a turnaround plan overseen by CEO Arthur Hoeld, who was appointed in April. The company had an “abysmal 2025,” according to Morningstar retail analyst David Swartz. Puma has admitted as much, saying in its most recent earnings report—for the third quarter of 2025—that it suffered a net loss of $74 million (€62.4 million) for the quarter while sales declined by a “low double-digit percentage.” The company attributed the difficulties to multiple factors, including “muted brand momentum, elevated inventory levels across the trade and low quality of distribution.”

Swartz also noted “the deal is odd in that Puma was apparently not involved, even though a competitor will become its largest shareholder.”

Puma was not quoted in the press release, and only offered comment later in the morning through a statement issued by Hoeld, which says Puma “acknowledges” the transaction. Hoeld said Puma’s “strategic priorities are clear. We are focused on strengthening our global brand, delivering compelling products, and engaging consumers worldwide to become a Top 3 global sports brand.”

“We see this as a vote of confidence in Puma and its strategic direction,” he added.

Anta’s acquisition of the 29.06% stake is expected to close before the end of this year, and Anta intends to seek seats on Puma’s supervisory board. 

Although its press release says it “currently has no plans to make a takeover offer for Puma,” the prospect of Anta seeking to buy the entire company has been built into the deal. A filing with the Hong Kong Stock Exchange notes Anta would pay additional compensation in the event a takeover offer is made within 15 months from the “effective transfer date,” which is two days after the deal has been completed.

Matt Powell, a footwear and retail industry expert who heads up consulting firm Spurwink River, tells Front Office Sports the investment “allows Anta to really get to know the Puma business from the inside and to influence future direction, as well as gaining some board seats.”

“It sets Anta up to take over if they choose, and also gives them an out if they lose interest,” he says.