Core Insights - PUMA reported a global revenue of €1.9557 billion for Q3 2025, with a 4.5% year-over-year growth in direct sales, and a notable 14% growth in the Greater China region [1][2] Group 1: Financial Performance - The company's revenue for Q3 2025 was €1.9557 billion after currency adjustments [1] - Direct business sales grew by 4.5% year-over-year, with Greater China showing a stronger performance at 14% growth [1] Group 2: Strategic Initiatives - PUMA's CEO, Arthur Hoeld, emphasized 2025 as a "reset year" aimed at enhancing business efficiency and resilience, with a goal to rank among the top three global sports brands [1] - The company plans to maintain its established strategy to achieve growth above industry levels and stable profits in the medium term [1] Group 3: Market and Product Development - In China, PUMA continues its "Sport + Fashion" dual strategy, launching a collaborative series with ROS in August and creating an immersive experience space in Shanghai in September [1] - The sales of the thin-soled shoe family exceeded five times the total sales of the previous year within the first seven months [1] - PUMA extended its partnership with HYROX globally until 2030, with the Beijing event size reaching nearly three times that of the previous year [1] - The company is enhancing retail experiences with new SNEAKERBOX stores in Chengdu and Xi'an, and EVOFOC stores in Chongqing and Nanjing [1] Group 4: Product Innovation and Recognition - PUMA's athletes achieved record-breaking wins at events like the Tokyo World Championships and the Basketball World Cup [2] - The NITRO nitrogen technology products have received accolades, with the Fast-R NITRO Elite3 being named one of TIME's "Best Inventions of 2025" and the FOREVERRUN NITRO2 winning an award from Runner's World [2] - PUMA also launched the HALI1 signature basketball shoe and released the winter match ball for the 25/26 Premier League season [2]

Core Viewpoint - Anta Group has expanded its global brand portfolio by forming a strategic partnership with South Korean fashion group MUSINSA, aiming to enhance its presence in the young fashion segment and solidify its position in the global sports fashion market [1][6]. Group 1: Partnership Details - Anta Group acquired approximately 1.7% of MUSINSA for about 264 million RMB in early 2025 and plans to establish a joint venture named "MUSINSA China," with Anta holding 40% and MUSINSA 60% [2]. - The joint venture will focus on developing MUSINSA's proprietary brand "MUSINSA STANDARD" and multi-brand stores in the Chinese market [2]. - Anta's CEO emphasized that this collaboration aims to explore the integration of sports and fashion to meet the diverse needs of young consumers [2]. Group 2: MUSINSA Overview - MUSINSA, founded in 2001, is the largest fashion platform in South Korea, initially starting as an online sneaker community and evolving into an e-commerce platform in 2009 [3]. - As of 2024, MUSINSA's annual transaction volume exceeds 4 trillion KRW, and it completed a Series C funding round in July 2023, achieving a post-money valuation of 35 trillion KRW (approximately 2.76 billion USD) [3]. - MUSINSA STANDARD, launched in 2017, is well-received among young consumers for its minimalist design and reasonable pricing [3]. Group 3: Retail Expansion - MUSINSA STANDARD has expanded its offline retail presence since 2021, operating 29 stores in South Korea, with over 10 million customers visiting these stores by 2024 [4]. - Musinsa Store targets the 10-30 age demographic and boasts over 16 million members, featuring more than 10,000 brands across various styles [4]. Group 4: Future Plans - MUSINSA plans to open over 100 stores in China by 2030, with the first store set to launch in Shanghai in the fourth quarter of this year [7]. - The collaboration with Anta is expected to leverage Anta's resources to tap into the Chinese fashion market, generating significant consumer interest [7].