Anta Sports Makes Bold Move for Puma: Inside the €3B Bid That Could Reshape Sportswear

January 8, 2026 · by Fintool Agent

NKEASDECK

+2 more

China's Anta Sports has made an audacious offer to acquire the Pinault family's 29% controlling stake in Puma—a move that would vault Asia's largest sportswear company into direct competition with Nike+1.01% and Adidas in the Western market. But with talks now stalled and the German brand mired in a painful turnaround, the deal's fate hangs in the balance.

The bid, which emerged in late December, targets the stake held by Artemis, the investment vehicle of French billionaire François-Henri Pinault. Sources familiar with the matter indicate Artemis was seeking offers exceeding €40 per share, implying a valuation north of €3 billion for the 29% block—a significant premium given Puma shares have traded around €35-38 in recent weeks.

The Deal Structure

Anta has reportedly secured financing for the transaction, but negotiations have hit a wall. The sticking points remain unclear, though market observers speculate the valuation gap and potential regulatory scrutiny of Chinese ownership of a prominent European sports brand may be factors.

For Kering+1.77%, the Pinault family's luxury conglomerate, a sale would represent a strategic retreat from an investment that has underperformed relative to its core luxury holdings. The family acquired control of Puma in 2007, but the brand has struggled to keep pace with both the premium athleticwear trend and fast-growing competitors.

Ask Fintool AI Agent

Compare Puma's financial performance to Nike, Adidas, and On Holding over the past 3 yearsShow me the stock price performance of major sportswear companies in 2025What are the key differences in strategy between Anta Sports and Nike?

Puma's Painful Reset

The timing of Anta's approach is no coincidence. Puma is deep in the throes of a "reset year" under new CEO Arthur Hoeld, with management explicitly warning that a return to growth won't materialize until 2027.

The numbers tell the story of a brand in distress:

The turnaround plan is painful but necessary. Management is cutting 900 jobs, aggressively pruning the product range, and pulling back from the heavy discounting that eroded brand equity. The strategy acknowledges that Puma tried to compete on too many fronts—from performance running to lifestyle to football—without establishing dominance in any category.

"We are resetting the business to build a stronger foundation," Hoeld stated in November. The market remains skeptical, with shares down roughly 40% from their 2021 highs.

Ask Fintool AI Agent

Show me Puma's quarterly revenue trend over the past 8 quartersWhat restructuring charges has Puma taken in 2025?Compare gross margins between Nike, Puma, and Deckers over the last 2 years

Anta's Western Playbook: The Amer Sports Blueprint

What makes Anta a credible acquirer? Its track record with Amer Sports-1.51%.

In 2019, Anta led a consortium to acquire Amer Sports—owner of Arc'teryx, Salomon, and Wilson—for $5.2 billion. Skeptics questioned whether a Chinese company could successfully manage premium Western outdoor brands. The results silenced critics:

• China Expansion: Arc'teryx became a status symbol among Chinese consumers, with the brand's Greater China revenue growing at triple-digit rates
• US IPO Success: Amer Sports returned to public markets in February 2024 via a successful New York listing
• Continued Momentum: Q3 2025 revenue surged 30% year-over-year, demonstrating the acquisition thesis remains intact

The playbook is clear: acquire undervalued Western brands, leverage Anta's China distribution muscle, and invest in premium positioning. Puma, with its established heritage and global recognition, could be the next canvas for this strategy.

What's at Stake

For Anta, Puma would represent a transformative acquisition—a chance to own one of the world's most recognizable sports brands and compete directly with Nike+1.01% in football/soccer, a category where Anta has minimal presence.

For the Pinaults, it's a chance to exit a struggling investment at a premium while redirecting capital toward Kering's+1.77% core luxury portfolio, which faces its own challenges with Gucci's ongoing turnaround.

For Puma's other shareholders, a deal could provide uplift—or trigger a mandatory tender offer if Anta crosses ownership thresholds under German takeover law.

Ask Fintool AI Agent

What are the German takeover rules for acquiring public companies?Show me Kering's portfolio of brands and recent financial performanceWhich hedge funds currently hold positions in Puma?

What to Watch

Valuation Gap: With Artemis seeking €40+ and Puma trading in the high €30s, any deal will require either a significant premium or a change in seller expectations.

Regulatory Risk: Chinese acquisitions of European companies face increasing scrutiny. Germany's foreign investment rules and EU concerns about strategic assets could complicate approval.

Competing Bidders: Private equity firms and strategic buyers may emerge if Artemis formally markets the stake. Names floated in speculation include Groupe Artémis rivals and US-based PE shops.

Puma's Q4 Results: Due in February, these results will provide the first look at whether the turnaround is gaining traction—or if the brand's challenges are deepening.

Related Companies: Nike+1.01% · Amer Sports-1.51% · Deckers Outdoor-3.35% · Lululemon-3.90% · On Holding-2.98% · Kering+1.77%