Shares of Puma climbed on Tuesday after Anta Sports announced it will purchase a 29.06% holding in the German sportswear maker from the Pinault family for 1.5 billion euros, equating to 35 euros per share. The transaction will make Anta the largest shareholder in Puma and values the business at a premium to the prior trading close.
Stock market reaction was volatile: Puma’s share price jumped as much as 20% in early trading and later retraced most of that advance, trading around 4.3% higher by 09:06 GMT.
The purchase comes against the backdrop of Puma’s efforts to stabilise and revive its performance under chief executive Arthur Hoeld. Management has been pursuing a range of measures to address a period of weakening sales and margins, including narrowing the product assortment, cutting back on discounting, increasing marketing investment and implementing cost savings that include the elimination of roughly 900 corporate positions.
These moves are aimed at helping Puma claw back ground from market leaders and fast-growing competitors, while also protecting margins amid a challenging environment. Puma’s shares had been under considerable pressure over the past year, nearly halving as investors weighed risks including U.S. tariffs, softer consumer demand and intensifying competition across the global sportswear sector.
Anta said the equity investment is intended to support Puma’s expansion in mainland China and to strengthen Anta’s international footprint. In a statement, Ding Shizhong, Anta’s chair, said: "We believe Puma’s share price over the past few months does not fully reflect the long-term potential of the brand." He added: "We have confidence in its management team and strategic transformation."
Anta also indicated plans to seek board representation once the deal is completed, while explicitly ruling out any intention to acquire the remainder of Puma.
Market analysts noted the potential implications of the transaction for Puma and its peer group. Jefferies analyst James Grzinic said: "We presume that these developments will not impact the turnaround plan currently in its infancy under CEO Arthur Hoeld, but of course should provide a boost for shareholders as well as underpin a strengthened attraction for PUM to suppliers as well as wholesale and financial partners."
Grzinic added that the price Anta is paying - which implies an enterprise value to sales multiple of roughly 90% for a brand early in a recovery - could offer a useful valuation reference for competitors in the sector.
For Puma, the new shareholder arrangement brings immediate capital recognition and a strategic partner with an established presence in China. For Anta, the deal represents an opportunity to broaden its international reach. Both firms and their stakeholders will now navigate the next phase of Puma’s turnaround with the additional variable of a major external investor and potential board-level input.
Contextual note: The details above reflect the terms and commentary released in connection with Anta’s agreed purchase of a 29.06% stake in Puma from the Pinault family for 1.5 billion euros. Market movements cited refer to intraday trading on the day the announcement was made.