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Shares of Puma surged on Tuesday after China's Anta Sports announced it would acquire a significant minority stake in the German sportswear brand, marking a major development in Puma's ongoing turnaround efforts and Anta's global expansion strategy.
Anta said it will pay 1.5 billion euros, equivalent to about $1.8 billion, to acquire a 29.06% stake in Puma from Artémis, the investment vehicle of France's Pinault family. The purchase price of 35 euros per share was paid in cash. Following the transaction, Anta will become Puma's largest shareholder, though the company emphasized it does not currently intend to pursue a full takeover.
Puma shares jumped as much as 20% in early European trading before trimming gains later in the session. The stock was last trading up just over 9%, rebounding from levels near a decade low after months of pressure tied to weak sales momentum and broader retail concerns.
The deal arrives as Puma continues efforts to stabilize its business after Arthur Hoeld, a former Adidas executive, took over as chief executive last year. Since then, the company has implemented job cuts, streamlined its product lineup and increased marketing investment, describing 2025 as a reset year aimed at restoring profitability.
Analysts said Anta's entry could bolster confidence in Puma's recovery plan. Anta has previously demonstrated its ability to scale international brands, notably through its role in acquiring Amer Sports, whose portfolio includes Arc'teryx, Salomon and Wilson.
Market observers noted that the valuation appears attractive given Puma's current earnings challenges. Several analysts described the transaction as an opportunity for Anta to acquire a globally recognized brand with strong heritage at a discounted price, while giving Puma a strategic partner with deep operational experience.
For Anta, the investment strengthens its presence outside China, where competition has intensified from global rivals such as Nike and Adidas. Puma's strong footprint in Europe and Latin America contrasts with Anta's limited exposure in those regions, creating potential synergies with minimal overlap.
The transaction, which is subject to regulatory approval, is expected to close by year-end. Puma will continue to operate independently with its existing management team, while investors assess whether the partnership can accelerate the brand's long-awaited recovery.
