ANTA Sports strikes $1.7bn deal for 29% stake in Puma

Core Viewpoint - ANTA Sports is acquiring a significant stake in Puma, positioning itself as the largest shareholder, which aligns with its strategy for global expansion and brand management in the sporting goods industry [1][2]. Group 1: Company Strategy and Goals - ANTA Sports aims to leverage its partnership with Puma to enhance brand value and accelerate its globalisation efforts, particularly in markets like China [2][5]. - The acquisition is part of ANTA's single-focus, multibrand strategy, which has evolved from a focus on the Chinese market to a broader international presence [2][3]. Group 2: Financial and Operational Context - Puma operates in over 120 countries and employs around 20,000 people, maintaining a strong presence in various sports sectors including football, running, and motorsport [1][3]. - Puma reported a 10.4% decline in sales for Q3 of FY25, indicating challenges in its US segment due to consumer sentiment and tariff uncertainties [6]. - In December 2025, Puma secured over €600 million in new financing to enhance liquidity and financial flexibility, which includes a €500 million bridge loan [7]. Group 3: Governance and Future Collaboration - Following the acquisition, ANTA Sports plans to seek representation on Puma's supervisory board while respecting Puma's independent governance structure as a German-listed company [4]. - ANTA Sports does not intend to make a takeover offer for Puma but will explore future collaboration opportunities [4].