Anta Makes Bold Move: Seeks to Acquire Pinault’s 29% Stake in Puma

The eventual takeover of Puma is back in the spotlight in the sports fashion sector. While in November last year it came to light that the Chinese group Anta was studying the potential acquisition of the German sports fashion group, 2026 begins with an offer on the table to acquire the 29% stake of the Pinault family, owner of Kering.

As advanced by Reuters, Anta made the offer a few weeks ago and, although the value of the offer has not been disclosed, the group has already secured the necessary financing to carry out the acquisition should the deal go ahead. Although sources familiar with the process claim that the deal is still at a standstill, the market has responded favorably to the rumors. Puma shares have risen 9%, reaching their highest value since May 2025.

The falls in Puma’s sales have led to a reduction in its market capitalization, which amounted to €3.3 billion at mid-week, around 50% less than at the same time last year.

Puma has reduced its market capitalization by 50% in one year

This is not the first time that there has been speculation about a possible sale of a 29% stake in Puma. In August last year, plans by the Pinault family to sell its stake for around $960 million surfaced again, but the possibility was denied in September. Artemis, the family’s holding company, announced that it would not sell at market value, a decision that again drove Puma shares down.

In any case, the fate of Puma is uncertain. In the middle of last year, the market speculated that Puma would be acquired by Adidas. However, months later, it was Anta that took center stage as the eventual buyer. Anta was advised last year to analyze the purchase of the German group, competing directly with China’s Li Ning and Japan’s Asics, which have also shown interest in Puma.

Kering took its stake in Puma in 2007. However, rumors of a sale have been stirring the market for practically ten years. They began in 2016, when François-Henri Pinault himself, then CEO of the luxury group, ruled out its sale in the short term. However, in 2017 he once again fueled the noise after leaving Puma’s top management body.

Anta is currently one of the world’s largest groups in the sports industry. Owner of Fila and Jack Wolfskin, it ended 2024 with a turnover of 70.826 billion Chinese yuan ($10.13 billion), up 13.6% on the previous financial year. The Asian group’s net income for the period reached 16.989 billion yuan ($2.43 billion), up from 11.277 billion yuan ($1.63 billion).

Listed in Hong Kong, Anta has historically been dedicated to acquiring and relaunching Western fashion brands, especially sports. In 2019, it led a consortium to take over Finland’s Amer Sports, owner of Salomon, Arc’teryx, Wilson and Atomic .

Puma, on the other hand, is going through one of its weakest moments in recent decades. The company announced in early November the layoff of 900 headquarters employees, as part of a broader restructuring plan.

The German company ended the first nine months of the financial year with a drop in sales of 8.5% to €5.93 billion. Puma closed the period with a loss of 308.9 million euros, compared to the €257.1 million it earned in 2024.