{"id":3055,"date":"2026-09-14T12:05:54","date_gmt":"2026-09-14T10:05:54","guid":{"rendered":"https:\/\/www.dragontactics.com\/2026\/09\/14\/chinas-anta-faces-the-challenge-of-reviving-puma-in-the-race-behind-nike-and-adidas\/"},"modified":"2026-09-14T12:08:01","modified_gmt":"2026-09-14T10:08:01","slug":"chinas-anta-faces-the-challenge-of-reviving-puma-in-the-race-behind-nike-and-adidas","status":"publish","type":"post","link":"https:\/\/www.dragontactics.com\/zh-hans\/2026\/09\/14\/chinas-anta-faces-the-challenge-of-reviving-puma-in-the-race-behind-nike-and-adidas\/","title":{"rendered":"China’s Anta faces the challenge of reviving Puma in the race behind Nike and Adidas."},"content":{"rendered":"\n

ANALYSIS – Already the owner of Salomon and Fila, the group is set to buy a 29% stake in the German brand from the Pinault family, for \u20ac1.5 billion.<\/strong><\/p>\n\n

Nearly twenty years after buying Puma to make it the cornerstone of the sport and lifestyle division of its empire, the Pinault family has finally found a buyer to take over the remaining 29% stake it still held in the German label. Unknown in Europe, the buyer is a Chinese giant. Anta Sports is the world’s third-largest sporting goods maker, behind America’s Nike and Germany’s Adidas. Valued at more than $27 billion on the Hong Kong stock exchange, this behemoth already owns the European brands Salomon and Fila. It will pay out \u20ac1.5 billion by the end of the year to buy 29% of Puma from Art\u00e9mis, the Pinault family’s holding company, which will thereby be able to pay down its debt. <\/p>\n\n

Rumors of a sale had been circulating since this summer. Talks with Anta began in the last quarter of 2025, at the Chinese group’s initiative. Its determination and the price offered to add Puma to its portfolio made it possible to quickly reach a deal. Anta will pay out \u20ac35 in cash per Puma share, a 62% premium over the January 26 closing price. The Chinese giant will not take control of Puma, but it will become its largest shareholder. <\/p>\n\n

“Anta has always admired the brand’s value and long-term potential,” says Ding Shizhong, chairman of Anta. “Such a strong brand DNA and heritage of values are rare. We believe Puma’s share price over recent months does not reflect the brand’s long-term potential. We have confidence in its management team and the company’s strategic transformation.” Anta has not revealed whether it intends to launch a takeover bid for Puma, which is listed on the Frankfurt Stock Exchange, so the share price rose by only 9% on Tuesday, to \u20ac23.58. A sign that the market is not favoring the scenario of a full buyout offer. <\/p>\n\n

“Pulling off its global turnaround”<\/h3>\n\n

With Puma, Anta is making good on its ambition to become a global company capable of going toe-to-toe with the market’s two leaders. Nike posted $46.43 billion in revenue in 2024, twice as much as Adidas (\u20ac23.7 billion). Founded in 1991 in Fujian province, in southeastern China, Anta Sports did not top the \u20ac10 billion mark in 2024. The group can now count on Puma (nearly \u20ac9 billion) to flex its muscles. <\/p>\n\n

“Anta decided to establish itself with a global, multi-brand platform focused on sport,” says Sandrine Zerbib, president of ZW Conseil and author, in 2022, of Dragon Tactics, a book describing how Chinese entrepreneurs work. This strategy, original for the sector, began in 2009, with the purchase of Fila’s rights for China. It reached a decisive turning point in 2019, with the takeover of Finland’s Amer Sports, owner of Salomon, Wilson, and also Arc’teryx and Atomic. A bold bet that paid off. “Fila now accounts for more than a third of Anta’s sales,” notes Sandrine Zerbib. “Salomon is growing strongly in Asia and the rest of the world. The number-one goal will be to grow Puma in China and pull off its global turnaround, by capitalizing on the history of a brand born in 1948, the same year as Adidas.” <\/p>\n\n

Puma has long had part of its production made in China. Its sales in the country, however, are limited, at around 7% of its total revenue. That is half as much as Adidas and Nike. With Anta, Puma will gain the expertise it lacked to better capture the attention of Chinese consumers and meet their expectations. <\/p>\n\n

Losing momentum for years<\/h3>\n\n

In 2007, the Pinault family group PPR, since renamed Kering, had surprised the market by paying top dollar (\u20ac5.3 billion) for Puma. With this brand, which had undergone an incredible revival in the preceding years, to the point of overshadowing Nike and Adidas, Fran\u00e7ois-Henri Pinault, PPR’s CEO, wanted to build a mass-market division of sport and lifestyle brands, alongside its luxury division (Gucci, Yves Saint Laurent, Bottega Veneta, Balenciaga). <\/p>\n\n

Alas, Puma soon lost steam, and PPR’s sport and lifestyle strategy failed. In 2018, unable to find a buyer for Puma, the group distributed the sportswear maker’s shares to its shareholders as a special dividend. The Pinault family thus found itself the largest shareholder, with the intention of selling off its stake on the best possible terms. <\/p>\n\n

Anta Sports will need to find the formula to put Puma back in the race. The brand has been struggling for years, particularly in recent months. In a market still dominated by the Nike-Adidas duopoly, the brand has for years suffered from the rise of trendier players (Under Armour, On, Hoka\u2026). And, for the past few months, from a very tense environment, notably driven by the tariffs imposed by Trump. Its results fell into the red in 2025. <\/p>\n\n

\u00bb ALSO READ – Behind the story of Adidas and Puma, the fierce feud between two brothers turned rivals<\/strong><\/p>\n\n

Starting out on the same footing as Adidas (both companies were founded after the war by brothers Adolf and Rudolf Dassler), Puma was overtaken by its German rival in the early 1980s. A few years later, thanks to its partnership with basketball player Michael Jordan, America’s Nike became the world leader. Puma was never able to close the gap. Adidas knew how to invest in football, bet on pop-culture stars (Pharrell Williams), and re-release its classics (Gazelle and Samba). With its slogan “Just do it,” Nike sells more than sporting goods. The American brand embodies a state of mind. <\/p>\n\n

In July, Arne Freundt, chairman of Puma’s management board since 2022, handed over his role to Arthur Hoeld, poached from Adidas. “2025 will be a year of overhaul,” he said as soon as he arrived, determined to “clean up distribution, improve our cash management, and rebalance operating expenses.” Last year, 500 jobs were cut, and 900 more are set to go this year. It remains to be seen whether Anta can stop the bleeding. <\/p>\n","protected":false},"excerpt":{"rendered":"

ANALYSIS – Already the owner of Salomon and Fila,…<\/p>\n","protected":false},"author":2,"featured_media":3018,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[79,43,1],"tags":[],"class_list":["post-3055","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-en-2","category-press-release","category-uncategorized"],"yoast_head":"\nChina's Anta faces the challenge of reviving Puma in the race behind Nike and Adidas. - Dragon Tactics<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dragontactics.com\/2026\/09\/14\/chinas-anta-faces-the-challenge-of-reviving-puma-in-the-race-behind-nike-and-adidas\/\" \/>\n<meta property=\"og:locale\" content=\"zh_CN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China's Anta faces the challenge of reviving Puma in the race behind Nike and Adidas. - 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