France’s billionaire Pinault family has agreed to sell its 29% stake in Puma SE to China’s Anta Sports Products Ltd for US $ 1.8 billion, marking a further retreat from investments outside the luxury-goods sector as the family sharpens its focus on reviving Gucci.
The stake sale, through the family’s investment vehicle Artémis, will give Anta a leading ownership position in the German sportswear group and expand its portfolio of Western athletic brands, which already includes Salomon, Wilson, Descente and Jack Wolfskin. The transaction is expected to close by the end of 2026, subject to regulatory approvals.
The deal will help Artémis reduce debt following its acquisition of a majority stake in Hollywood talent agency Creative Artists Agency (CAA), a move that had raised concerns among some investors. Artémis is also the controlling shareholder of Kering SA, the luxury group that continues to struggle with a turnaround at Gucci after demand for the brand weakened in recent years.
For Anta, the investment offers exposure to the global growth in sports participation and rising demand for athleisure products, including in China, where interest in sportswear has accelerated since the Covid-19 pandemic.
Anta is backing Puma chief executive Arthur Hoeld’s early-stage turnaround plan, which focuses on revamping marketing efforts to restore the brand’s appeal. Hoeld has previously indicated that Puma aims to return to growth by 2027 and re-establish itself as one of the world’s top three sports brands after a period of falling demand for its footwear and apparel.
In a statement, Hoeld said Anta intended to support Puma in fully realising its brand potential and heritage to create long-term value for consumers and stakeholders, describing the investment as a vote of confidence in Puma and its strategic direction.
Analysts said Anta was betting that Puma’s more than 75-year sporting heritage still carries weight at a time when the footwear market has seen an influx of newer brands, including Switzerland’s On Holding and Hoka, alongside Anta’s own labels.
The deal comes as rival Adidas AG has also faced pressure in recent months, with investors questioning its growth and earnings outlook despite its historically strong performance.
While Anta said it currently has no plans for a full takeover of Puma, the size of the stake could pave the way for deeper involvement over time. The company has said it intends to seek representation on Puma’s supervisory board once the transaction is completed.
In a statement, Anta chairman Ding Shizhong said the investment would accelerate the group’s globalisation strategy and help drive the next phase of growth in global sports markets, including China. He added that Puma’s share price in recent months did not fully reflect the brand’s long-term potential.
China’s largest athletic apparel company has pursued an aggressive multi-brand global expansion strategy in recent years. In 2019, an Anta-led consortium paid US $ 5.2 billion for Amer Sports, owner of premium brands such as Salomon and Arc’teryx. Anta remains the largest shareholder in Amer Sports, which is now listed in New York.
These acquisitions have helped Anta expand its international footprint and tap into China’s growing enthusiasm for outdoor and performance sports, enabling it to outpace both international rivals such as Nike and Adidas and domestic competitors including Li Ning, despite a challenging consumer environment and intense price competition.
