The “King of Chinese Sportswear” is looking to add another global icon to its portfolio.
Anta Sports has reportedly made an offer to acquire a 29% stake in struggling German giant Puma from the Pinault family (owners of Kering/Gucci).
👟 THE DEAL DYNAMICS:
- The Buyer: Anta Sports (Owner of Fila China and lead investor in Amer Sports).
- The Seller: Artemis (The Pinault family office), which views the stake as “non-strategic” but demands a premium.
- The Price: Artemis reportedly expects >€40 per share.
- The Status: Offer made, financing secured, but talks have currently “stalled” over valuation.
📉 THE CONTEXT: Puma is trading at a depressed valuation (Market Cap ~€3.3B, down 50% YoY) amid failed product launches (Speedcat) and fierce competition from On and Hoka.
- Anta’s Thesis: Apply the “Amer Sports Playbook.” Anta successfully acquired Amer Sports (Salomon, Arc’teryx, Wilson) in 2019 and unlocked massive growth by aggressively scaling those brands in the Chinese market.
- Artemis’ Position: Facing debt pressure from other diversifications, the Pinault family needs liquidity but refuses to sell at the current distressed market bottom.
💡 ANALYST TAKEAWAY: This is classic Anta: buying a heritage Western brand when sentiment is at rock bottom. If Anta can secure this 29% block, they effectively become the strategic anchor. The market will be watching to see if they can replicate the magic they performed with Fila and Arc’teryx—turning a stagnant European asset into a high-growth engine via Asian distribution.
👇 Retail Strategists: Does Puma need a “China-First” strategy to compete with Adidas and Nike, or is the brand fatigue a global issue?