Anta Eyes Major Stake in Puma as Talks Hit a Pause

China’s largest sportswear company is weighing a bold move into European athletics. Anta Sports has quietly offered to buy a significant stake in German sneaker maker Puma, a brand struggling to regain momentum amid fierce global competition.

The potential deal, still unresolved, highlights shifting power dynamics in the global sportswear industry and mounting pressure on legacy European brands.

Anta’s Bid Signals Growing Global Ambitions

Hong Kong–listed Anta Sports Products has offered to acquire 29% of Puma from Artemis, the investment vehicle of France’s influential Pinault family, according to people familiar with the matter.

The offer was made several weeks ago, and Anta has already lined up financing should negotiations move forward, two sources said. However, talks have since stalled, underscoring the gap between buyer expectations and seller valuation.

Why the Deal Has Hit a Roadblock

People close to the discussions say Artemis had been hoping for a price above €40 per share for its Puma holding. That expectation has complicated negotiations, especially given Puma’s recent market performance.

At Wednesday’s close, Puma’s market capitalization stood at roughly €3.3 billion, down nearly 50% year-on-year as sales weakened and investor confidence faded. All sources spoke anonymously due to the private nature of the talks.

Puma’s Struggles Set the Backdrop

Once a reliable challenger to Adidas and Nike, Puma has faced a difficult stretch. Sales have slowed as consumers increasingly favor rivals such as Adidas, On Running, and Hoka, particularly in the premium performance and lifestyle sneaker segments.

New chief executive Arthur Hoeld, who took the helm recently, unveiled a turnaround strategy in October. The plan followed disappointing launches, including retro-inspired sneakers like the Speedcat, which failed to generate the buzz executives had anticipated.

The Pinault Family’s Complicated Position

Artemis is run by François-Henri Pinault, chairman of luxury group Kering, whose brands include Gucci, Saint Laurent, and Bottega Veneta.

The Pinault family acquired its Puma stake in 2018, when Kering reshaped itself into a pure-play luxury conglomerate and spun off its remaining sportswear interests. While the Puma holding has since been described as “non-strategic,” Artemis has shown little urgency to sell at depressed valuations.

A Shift Since Last Year

In September, a senior source close to Artemis said the family was unwilling to exit its Puma stake at prevailing market prices, even while acknowledging it no longer fit the group’s long-term strategy.

Since then, Puma shares have rebounded by roughly 15%, offering modest relief but still leaving the stock far below historical highs. That partial recovery has not fully bridged the valuation gap between buyer and seller.

Anta’s Proven Playbook in Western Markets

Anta is no stranger to complex cross-border deals. The company has built a reputation for acquiring established Western brands and revitalizing them through operational discipline and aggressive expansion in Asia.

In 2019, Anta led a consortium that acquired Amer Sports, the Finnish group behind brands such as Salomon, Wilson, and Atomic. That deal is widely viewed as a success, strengthening Anta’s global footprint and credibility among international investors.

Strategic Fit: What Anta Sees in Puma

A stake in Puma would give Anta immediate exposure to a globally recognized brand with deep roots in football, motorsports, and lifestyle fashion.

For Anta, which dominates China’s domestic sportswear market, the appeal lies in Puma’s international distribution network and brand heritage, assets that could complement Anta’s manufacturing scale and retail reach.

Investor Pressure on Artemis Adds Complexity

Artemis itself is facing increased scrutiny from investors. The group controls not only Kering but also auction house Christie’s and Hollywood talent agency CAA.

In recent years, the firm has taken on additional debt as François-Henri Pinault sought to diversify away from Gucci during a broader slowdown in global luxury demand. That pressure could eventually influence Artemis’ willingness to revisit negotiations.

What Happens Next Remains Unclear

For now, all parties are keeping quiet. Artemis and Puma have declined to comment publicly, while Anta has not responded to requests for comment.

Whether talks resume will likely depend on market conditions, Puma’s operational progress under its new leadership, and Artemis’ appetite to hold onto a volatile asset.

Bigger Implications for the Sportswear Industry

If completed, the deal would underscore a broader trend: Asian sportswear giants moving aggressively into Europe as legacy brands struggle to adapt to changing consumer tastes and rising competition.

It would also raise questions about governance and strategy at Puma, where a large minority shareholder could wield significant influence over long-term direction.

Looking Ahead

Even without an immediate agreement, Anta’s approach highlights how global the sportswear battlefield has become. Western brands are no longer just competing with each other, but with well-capitalized Asian rivals eager to reshape the industry.

For Puma, the coming months will be critical. Execution of its turnaround plan, rather than takeover speculation, may ultimately determine whether it regains relevance, or becomes an acquisition target once again.

(According to a Reuters report. With inputs from Reuters.)

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