When Ding Shizhong Founder & Chief Executive Anta Sports agreed to pay €1.5 billion (US$1.79 billion) to acquire a 29.06% stake in Puma, at €35 per share, the transaction was about far more than a minority holding in a struggling European brand. It marked a calculated escalation in Anta’s long-running strategy to reposition itself from a China-centric sportswear champion into a global, multi-brand athletic powerhouse — one capable of competing head-to-head with Nike and Adidas on a global stage.
For Puma, facing stalled momentum under new CEO Arthur Hoeld, the deal offers capital, strategic backing, and access to one of the most sophisticated sportswear operating models in the world. For Anta, it is a strategic foothold in Europe and a direct challenge to the long-standing Western dominance of global athletic wear.
Shares of Puma surged Tuesday after China’s Anta Sports said it would acquire a 29% stake from the French billionaire Pinault family, as the German sportswear company works to turn itself around amid struggling sales and brand momentum.
Anta will pay 1.5 billion euros ($1.78 billion), or 35 euros per share in cash, to Artémis — the Pinault family’s holding company — for a 29.06% stake in Puma.
The deal would make Anta Puma’s largest shareholder, however, Anta said it has “no current plans” to make a takeover offer, which would be required under German securities laws at 30% ownership.
Puma shares rose as much as 20% in early trading but later pared gains. The stock was last seen trading 9.4% higher at 23.7 euros, but is still trading close to its 10-year low.
Anta’s Business Model: From Local Champion to Global Platform
Anta’s rise has been anything but accidental. Unlike Nike or Adidas, which grew primarily through organic global expansion, Anta built its dominance through a portfolio-driven model — acquiring, operating, and scaling multiple brands with distinct identities and consumer segments.
Its playbook includes:
-
Brand segmentation: Clear differentiation across mass market, premium performance, and lifestyle segments
-
Operational discipline: Centralised supply chains, data-driven inventory management, and aggressive cost optimisation
-
Localised execution: Deep understanding of Chinese consumers, retail formats, and digital commerce
-
Acquisition-led growth: Prior investments have included global brands with heritage and international reach
This model has allowed Anta to defend its domestic market against Nike and Adidas, whose China growth has slowed amid intensified local competition and shifting consumer preferences.
But China alone is no longer enough.
Why Puma, and Why Now?
Puma brings something Anta cannot easily build from scratch:
-
A globally recognised brand, particularly strong in Europe and Latin America
-
Deep heritage in football (soccer) and lifestyle sportswear
-
Established wholesale and direct-to-consumer networks outside Asia
At the same time, Puma has been struggling to regain growth momentum. Despite the appointment of Arthur Hoeld — a former Adidas executive — sales recovery has been uneven, and investor confidence has softened. That made Puma vulnerable, but also strategically attractive.
For Anta, this is not a turnaround bet alone. It is a strategic bridge into Western markets, providing distribution access, brand credibility, and a platform for future global expansion.
Strategic Impact on Puma
Arthur Hoeld
Anta’s minority stake stops short of full control, but its influence will be significant. Anta is known for:
-
Operational efficiency at scale
-
Disciplined brand management
-
Leveraging data and supply chain optimisation
If applied carefully, Anta’s involvement could help Puma:
-
Improve margin discipline
-
Accelerate product cycles
-
Strengthen execution in underperforming regions
-
Regain competitiveness against Adidas in Europe and Nike globally
Critically, Anta has shown it understands how to preserve brand identity while improving economics — a balance that will be essential if Puma is to avoid being perceived as a “China-controlled” brand in sensitive Western markets.
A New Competitive Dynamic vs Nike and Adidas
This transaction reshapes the competitive chessboard.
Against Adidas
Adidas now faces a former executive at Puma, backed by a Chinese giant that has already beaten Adidas on its home turf in China. That combination could pressure Adidas from two directions — brand positioning and cost discipline.
Against Nike
Nike remains the global leader, but Anta’s multi-brand strategy allows it to attack Nike’s dominance asymmetrically — competing across price points, categories, and geographies without relying on a single flagship brand.
Anta is effectively building what Nike lacks: a diversified brand portfolio with localised execution in multiple regions.
Anta’s Global Ambition Beyond China
The Puma deal fits squarely into Anta’s broader objective: reducing dependence on the Chinese market while exporting its operating excellence globally.
As competition inside China intensifies — with domestic brands gaining share and global brands losing momentum — Anta’s leadership understands that sustainable growth must come from:
-
Europe
-
The Americas
-
Emerging markets with strong sports and lifestyle demand
Puma gives Anta immediate scale in those regions without the political, cultural, and brand risks of launching a Chinese label from scratch.
What Markets Should Watch Next
This transaction signals several broader trends:
-
Chinese capital is no longer just acquiring assets — it is shaping global consumer strategy
-
Western brands may increasingly seek Asian partners for growth, not just funding
-
The global sportswear market is entering a multi-polar era, no longer dominated exclusively by US and European giants
If Anta executes well, this Puma stake could be a precursor to deeper strategic integration — or even future consolidation — once regulatory, market, and brand considerations align.
Businessuite Bottom Line
Ding Shizhong’s €1.5 billion investment in Puma is not opportunistic — it is architectural. It reflects a long-term strategy to build a global sportswear empire through disciplined acquisitions, operational excellence, and geographic diversification.
The deal, which is expected to close by the end of the year and subject to regulatory approvals, comes as Puma has struggled to revive sales and follow through on a business overhaul after Arthur Hoeld, a former Adidas executive, took the reins last year.
For Arthur Hoeld and Puma, the deal offers a path back to relevance and competitiveness. For Nike and Adidas, it introduces a more formidable, better-resourced challenger. And for global markets, it underscores a powerful reality: the next phase of global brand competition will be shaped as much in Beijing as in Beaverton or Herzogenaurach.
This is not just a deal. It is a signal that the balance of power in global sportswear is shifting — and Anta intends to be at the centre of it.
Mr. Ding Shizhong aged 54, is the Board Chairman and an Executive Director of the Company. He plays a core leadership role in the Group’s corporate strategy, talent build-up, corporate culture and operational supervision, and directly oversees the Group’s mergers and acquisitions initiatives. He is the co-founder of the Group and has dedicated to leading the Group to expand and promote the domestic and overseas businesses. Mr. Ding is the chair of the board of directors of Amer Sports, Inc. (NYSE: AS), which is listed on the New York Stock Exchange and is an associated corporation (as defined under the SFO) of the Company. In recent years, he has been awarded honors by various sectors of society, including China’s Top 50 Most Influential Business Leaders in 2023 by Fortune China, 100 Best-Performing CEOs in China by Harvard Business Review, and the Philanthropist of the Year in 2022 by China Charity Ranking. He is currently a vice chairman of All-China Federation of Industry and Commerce, a board member of Samaranch Foundation, an adviser of the Chinese Basketball Association and a member of the Chinese Olympic Committee. Mr. Ding is the younger brother of Mr. Ding Shijia and the brother-in-law of Mr. Lai Shixian, both being the Company’s Executive Directors. He is also a director of Anta International Group Holdings Limited, a substantial shareholder of the Company.
