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October 7, 2026: More than eight months after the initial announcement, Chinese sportswear giant ANTA SPORTS (02020) has officially completed its acquisition of shares in German brand Puma SE, becoming the largest shareholder of the German label.

At the end of January, ANTA SPORTS (02020) announced it would acquire all 29.06% of Puma shares held by its largest shareholder Artemis SAS at 35 euros per share, for a total consideration of approximately 1.5 billion euros, equivalent to roughly 12.3 billion yuan.

After the Hong Kong market close on Wednesday, ANTA SPORTS (02020) issued an announcement confirming the transaction took effect on October 5 and was settled on October 7.

Over the past few months, Puma's share price has not rebounded as a result of the deal, remaining at the level slightly above 20 euros seen before the transaction was announced earlier in the year. This means that even excluding deal-related costs, ANTA SPORTS (02020) is sitting on a paper loss of nearly 40%, or approximately 4.5 billion yuan, on the transaction.

However, without the substantial premium, the Pinault family behind Artemis SAS would not have agreed to sell the Puma stake. According to market rumors, Artemis SAS's controlling owner, the Pinault family, had previously set a floor price of 40 euros per Puma share, attempting to sell its holding at a valuation of 7.5 billion euros. Puma's current market capitalization is less than 3.4 billion euros, while the agreed price of 35 euros per share values the company at 5.2 billion euros.

Artemis SAS has been reported to be facing a debt crisis amid the current luxury goods downturn. The market value of Kering SA, controlled by PinaultPinault, has plunged more than 80% from its peak, and over the past two years the group has been selling off real estate and beauty business assets to repay debt and supplement liquidity.

Puma is likewise mired in a severe downturn. Although new CEO Arthur Hoeld has stated his ambition to return the brand to the industry's top three, based on current industry dynamics, the probability of achieving that is nearly zero. Puma currently ranks fifth in the industry by scale, having been overtaken by Lululemon and New Balance, and more importantly, the brand has fallen into losses.

Like Nike and Adidas, Puma continues to lose market share under pressure from new brands and traditional competitors, and its profitability has been significantly eroded.

As for ANTA SPORTS (02020), the group's share price has halved from its 2021 high and remains mired in struggle. The group's growth is currently driven mainly by two high-end outdoor brands. Although its associate company Amer Sports is growing rapidly, it continues to draw capital from the market and relies heavily on investment, without truly demonstrating sustainable profitability.

Beyond Amer Sports, almost all of ANTA SPORTS (02020)'s new acquisitions, including Puma, are brands caught in an extremely weak market trend.

Although the market hopes ANTA SPORTS (02020) can replicate the success of its FILA deal, FILA's success was built on the backdrop of China's rapidly growing consumer market and a trend in the sportswear industry where casualization overwhelmed专业性. Under current weak global consumer trend and weaker sportswear demand, the same result is unlikely to be repeated.

ANTA SPORTS (02020) Chairman Ding Shizhong said in a statement on Wednesday: "We are very pleased to become Puma's largest shareholder and an important strategic partner. Currently, the global sporting goods market continues to develop steadily under the dual drivers of rising sports participation and growing consumer demand, presenting enormous opportunities. ANTA SPORTS (02020) is a multi-brand enabling enterprise. The value of multiple brands lies in activating the value and potential of these excellent brands through group empowerment. We believe Puma's heritage and value are highly attractive. We have full confidence in Puma's management team and support the strategic transformation plan they are advancing. As a long-term investor, we will empower the Puma brand with our retail and operational expertise, unlock its brand value and development potential, and create long-term value for consumers worldwide."

Puma CEO Arthur Hoeld said: "PUMA has built one of the world's most recognized sports brands, with deep historical heritage, solid sports expertise, a global business footprint, leading innovation capabilities and a strong partner network. We welcome ANTA SPORTS (02020) as PUMA's largest shareholder and view its long-term commitment as trust and recognition of our strategy, management team and future development. We look forward to establishing a productive partnership with ANTA SPORTS (02020), jointly exploring areas where our complementary strengths can create sustainable value for PUMA and its shareholders, and helping us achieve our goal of entering the global top three sports brands."

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