Anta has agreed to acquire a 29.06% stake in German sportswear giant Puma SE for €1.5 billion ($1.6 billion), marking China's first major cross-border acquisition of 2026 and positioning the Chinese athletic wear conglomerate as Puma's largest shareholder.

The transaction announced Monday represents a strategic milestone in Anta's "single focus, multi-brand, globalization" development strategy, according to Chairman Ding Shizhong. The all-cash deal with Groupe Artémis, the investment vehicle of the Pinault family, values Puma's shares at a premium to recent trading levels, which Ding said failed to reflect the brand's long-term value.

The acquisition gives Anta access to Puma's established presence in football, basketball, track and field, and motorsports, complementing its existing brand portfolio while filling geographic gaps in North America and Europe. For Puma, founded in 1948 in the German town of Herzogenaurach, the deal brings a strategic partner with proven multi-brand management capabilities and direct-to-consumer expertise.

The transaction is expected to close by the end of 2026, subject to regulatory approvals. Anta said it has no plans to launch a full takeover offer for Puma and will maintain the German brand's operational independence while seeking supervisory board representation.

Strategic Rationale Behind the Puma Acquisition

Anta's interest in Puma centers on what Ding described as the brand's irreplaceable heritage and long-term potential. The acquisition addresses multiple strategic objectives across product categories, brand positioning, and geographic reach.

From a product perspective, Puma strengthens Anta's position in professional sports segments including football, basketball, track and field, and motorsports. The German brand's street-style aesthetic offers a complementary positioning to Anta's existing portfolio, while its distribution network in North America and Europe fills critical regional gaps in the Chinese group's global footprint.

The deal provides Puma with a major shareholder experienced in global sportswear markets, offering multi-brand management expertise, robust direct-to-consumer capabilities, and comprehensive back-end support systems. Anta intends to collaborate with Puma in areas of mutual interest while preserving the German brand's distinct identity and operational autonomy.

Puma's journey from a small workshop established by brothers Rudolf and Adolf Dassler in 1924 to a global sportswear brand has included multiple ownership changes. The company split from what became Adidas in 1948, faced periods of decline, and saw its controlling stake acquired by luxury group Kering in 2007. The brand entered China in 1999 through a distribution model before establishing its first Chinese subsidiary in 2003 and taking full control of its China joint venture in 2011.

Anta's Proven Track Record in Brand Acquisitions

The Puma transaction follows a series of successful acquisitions that have established Anta as China's preeminent multi-brand sportswear operator. The company's approach consistently targets underperforming brands with strong heritage in the athletic wear sector, applying operational expertise to unlock value.

Anta's acquisition strategy began in 2009 with the purchase of FILA's Greater China rights from Belle International for 332 million yuan (US$46 million). The Italian brand was losing money at the time, but Anta repositioned it as a fashion-forward sports lifestyle label, rebuilt its retail system and supply chain, and restored profitability within five years. By 2024, FILA generated revenue of approximately 26.63 billion yuan (US$3.7 billion), accounting for over one-third of Anta's total revenue.

In 2019, Anta led a consortium including Tencent and FountainVest Partners to acquire Amer Sports for €4.66 billion, gaining control of Arc'teryx, Salomon, Wilson, and other premium outdoor and sports brands. Ding called it the most significant decision of his career. The acquisition, the largest cross-border deal in Chinese sportswear history, delivered results as Amer Sports returned to profitability and completed an initial public offering on the New York Stock Exchange in February 2024.

Additional acquisitions include joint ventures with Descente and Kolon Sport in 2016-2017 for Greater China rights, a stake in women's activewear brand Maia Active in 2023, and the purchase of German outdoor brand Jack Wolfskin in April 2025. Descente reached 10 billion yuan in revenue in 2025, becoming another major brand in Anta's portfolio.

Operational Capabilities Drive Post-Acquisition Success

Anta's consistent success in reviving acquired brands stems from operational and management capabilities rather than acquisition activity alone. The company has developed a systematic approach to integrating and growing international brands while preserving their cultural identity.

The direct-to-consumer model pioneered with FILA has been extended across Anta's brand portfolio, with DTC channels now accounting for over 90% of group sales. This approach, which bypasses traditional distributor networks, has influenced broader retail transformation in the global sportswear industry.

Anta maintains a policy of retaining existing management teams at acquired brands, providing strategic direction and operational support while allowing local decision-making. At Amer Sports, the company organized operations into three segments—functional apparel, mountain and outdoor, and ball and racquet sports—led respectively by Arc'teryx, Salomon, and Wilson, with each division operating autonomously.

The company has built shared service platforms spanning data analytics, human resources, and supply chain management to support its multi-brand ecosystem. This infrastructure prevents the operational silos common in multi-brand organizations while enabling knowledge transfer and resource optimization across the portfolio.

Ding outlined three core capabilities in a January 2024 address: multi-brand collaborative management, multi-brand retail operations, and global resource integration. These competencies, developed over 15 years of international expansion, form the foundation for Anta's continued globalization and its ability to successfully integrate Puma.

Implications for Global Sportswear Industry

The Puma acquisition represents an evolution in Chinese corporate globalization from capital and manufacturing expansion to brand, management, and ecosystem development. Anta's emergence as a major player in global sportswear demonstrates the growing sophistication of Chinese companies in international markets.

Founded in 1991 in Fujian province's Jinjiang city, Anta was among the first Chinese footwear manufacturers to establish its own brand. Over three decades, the company has built a diversified portfolio of international brands while maintaining focus exclusively on athletic footwear and apparel.

The company's multi-brand strategy has influenced the broader Chinese sportswear market, with domestic competitors increasingly adopting similar approaches and DTC models. China has become one of the most dynamic and fastest-growing markets for global sports brands, serving as a key growth engine for the industry.

Anta's success in acquiring and revitalizing international brands has attracted attention from investment professionals studying the company's methodology. The Puma transaction, while awaiting regulatory approval, signals continued appetite for strategic acquisitions that align with the company's core competencies and global expansion objectives.