On September 11, 2026, China's State Administration for Market Regulation unconditionally approved ANTA's acquisition of a stake in Puma, bringing a six-month cross-border saga to a close. ANTA Sports (HKG: 2020) has secured a 29.06% share of the nearly 80-year-old German sportswear giant for RMB 12.3 billion, making it the largest shareholder. From FILA to Amer Sports and now Puma, ANTA's acquisition-driven expansion has claimed another significant trophy. This is not merely a business transaction; it is a pivotal stride in the Chinese brand's journey toward becoming a global powerhouse.

ANTA's Puma Takeover: A Long-Awaited 'Mutual Attraction' Gets the Green Light

On September 11, the market regulator published its list of unconditionally approved business concentrations for the period of August 31 to September 6, which included ANTA's Puma share acquisition. This development signaled that the billion-yuan deal, initiated in January of this year, had finally cleared its last regulatory hurdle. Back on January 27, ANTA declared it would purchase a 29.06% stake in Puma from Artémis, the holding company of France's Pinault family, at EUR 35 per share, totaling approximately EUR 1.506 billion (roughly RMB 12.3 billion). Once completed, the transaction will establish ANTA as Puma's single largest shareholder. Notably, the entire acquisition is being funded with ANTA's internal cash reserves, underscoring its substantial financial strength.

The Rationale: Why Puma, and Why Now?

First, Puma's struggles present a unique window of opportunity for ANTA. Financially, Puma is navigating a challenging period. In 2023, its sales reached EUR 8.6 billion, but net profit dropped 13.7% year-on-year. This was followed by a further 7.6% decline in net profit in 2024, and a net loss of EUR 309 million for the first three quarters of 2025. Adding to the concern, Puma's new CEO, Arthur Hoeld, candidly admitted, "Our product lines are too complex; consumers can't even name a single signature product from Puma." However, ANTA sees a different picture. Ding Shizhong's remark is telling: "A strong brand's DNA and accumulated value are hard to come by. We believe Puma's recent share price does not fully reflect the long-term value inherent in its brand." In essence, Puma is undervalued and holds more potential than its current price suggests.

Second, Puma fills a critical gap in ANTA's brand portfolio. ANTA's multi-brand strategy is already extensive: FILA targets premium fashion sportswear, Descente focuses on skiing and triathlon, Kolon Sport covers outdoor activities, and Amer Sports houses Arc'teryx and Salomon. Yet, a closer look reveals that Puma's core strengths—football, motorsport, and athletics—are segments where ANTA's brands have limited presence. Puma boasts top football talent like Neymar and Antoine Griezmann, and its near-monopoly on F1 team race suit sponsorships is a major asset. These are precisely the pieces missing from ANTA's lineup. Acquiring Puma enables ANTA to offer a comprehensive, all-scenario coverage spanning professional, fashion, trendy, and outdoor sports.

Third, globalization requires a "ticket" to Europe. ANTA's global aspirations are well-documented, with Ding Shizhong repeatedly emphasizing, "Globalization is our eternal goal." But to be objective, ANTA's presence in mature Western markets remains limited. Puma, in contrast, has a well-established network across more than 120 countries, particularly with high penetration in Europe and Latin America. By securing Puma, ANTA effectively obtains a fast track into the European market. As analysts at Euromonitor International point out, this acquisition can help ANTA "further expand into Europe, the Middle East, and Africa, and leverage Puma's strong position in India's sportswear market to add India to its coverage map." It is a strategic masterstroke.

Fourth, ANTA has the proven ability to rejuvenate underperforming brands. A look at ANTA's acquisition history shows a textbook approach. After acquiring FILA's Chinese operations in 2009, the brand turned profitable within five years and posted revenues of RMB 26.63 billion in 2024. Similarly, after leading the acquisition of Amer Sports in 2019, ANTA successfully guided it to an initial public offering and contributed profits of RMB 3.67 billion to ANTA in 2024. This "Midas touch" is a key reason why Puma's major shareholders were willing to sell. As one consumer M&A investor noted, "ANTA has extensive experience in driving multi-brand transformation, value rejuvenation, and high-quality growth in both the Chinese and global markets."

Puma's Legend: From Fraternal Rift to the World's Third-Largest Sportswear Brand

Puma's story originates in the small German town of Herzogenaurach over a century ago. In 1919, brothers Rudolf and Adolf Dassler founded the "Dassler Brothers Shoe Factory" in their hometown. One excelled at sales, the other at craftsmanship, and they worked in harmony. Their big break came at the 1936 Berlin Olympics when American sprinter Jesse Owens won four gold medals in Dassler shoes, bringing instant fame to the small factory. However, their fraternal bond did not survive the test of time and war. After World War II, their conflicts escalated, leading to a split in 1948. Rudolf, with just 15 employees, founded a new company in an old warehouse and officially registered the "PUMA" trademark on October 1 of that year. He named the brand after the puma, the cougar, symbolizing speed, strength, agility, and endurance—all qualities essential for athletes. Thus began Puma's legend.

The brand's global reputation soared in the 1970 World Cup when Pelé, the legendary footballer, bent down to tie his laces before the final kick-off, with the cameras capturing the Puma King boots on his feet. The image became iconic. At the 1986 World Cup, Diego Maradona, wearing Puma King boots, scored his famous "Goal of the Century," dribbling past five players before finding the net. Before the 1996 Atlanta Olympics, British sprinter Linford Christie appeared at a press conference wearing contact lenses featuring the Puma cougar logo, a photo that became a classic in sports marketing history. Puma was also a pioneer in merging sport with fashion. In 1998, it collaborated with German designer Jil Sander to transform sports shoes into fashion statements, creating the new category of "sports lifestyle." The Speedcat racing shoe launched in 2001, inspired by F1 drivers' fire-resistant footwear, has since become a streetwear icon. In motorsport, Puma's sponsorship of F1 teams is nearly unrivaled, and in football, it supports top clubs like AC Milan, Manchester City, and Borussia Dortmund. These deep-rooted sports resources are the core reason ANTA values Puma so highly.

Now, this nearly eight-decade-old brand is about to welcome a new Chinese owner. Can ANTA get the German cougar running at full speed again? The answer may take years to emerge. But one thing is certain: Ding Shizhong and his team have been preparing for this day for a long time. From a small factory in Jinjiang to the world's third-largest sportswear company, from acquiring FILA to taking control of Puma, ANTA is writing a new chapter in Chinese brands' globalization in its own unique way. The road ahead is not without obstacles—the sheer scale of Nike and Adidas remains a formidable challenge, and rebranding Puma will take time. But as Ding Shizhong has said, "We don't aim to be China's Nike; we aim to be the world's ANTA." This $12.3 billion gamble has just begun.