ANTA Sports has closed its $1.7bn acquisition to become Puma's largest shareholder, after receiving regulatory approvals and satisfying the deal's closing conditions, the Hong Kong-listed sportswear group said.

The transaction makes the Chinese group the anchor shareholder of one of Germany's best-known sports brands, with no takeover offer on the table. ANTA said it plans to seek "appropriate representation" on Puma's supervisory board but will leave the company as an independently managed business.

What does the deal mean for Puma's governance?

ANTA has committed to respecting Puma's governance structure, brand autonomy, corporate culture and sporting heritage. For sourcing and supply-chain teams at Puma, that signals continuity in vendor relationships and buying operations in the near term, with potential leverage from ANTA's retail and operational expertise further down the line.

The Chinese group intends to apply its experience in managing multiple brands, retail operations and global resource integration to support Puma's growth. ANTA chairman Ding Shizhong said the group would share experience in retail and operations while supporting Puma's strategic transformation.

Shizhong said: "We are delighted to become Puma's largest shareholder and a long-term strategic partner. The global sporting goods market continues to offer significant growth opportunities as more people embrace active lifestyles and increase their participation in sports."

He added: "Puma has a rich heritage and strong underlying brand value. We have confidence in its management team and support the strategic transformation currently underway."

Why is the timing significant?

The deal closes against a difficult trading backdrop. Puma reported a 9.4% year-on-year decline in currency-adjusted sales for the second quarter of 2026, attributing the fall primarily to its ongoing business "reset" measures and weaker consumer demand.

Puma framed the investment as the start of a "new chapter." CEO Arthur Hoeld said the investment represented confidence in the company's management team and its future.

Hoeld said: "We welcome ANTA Sports as Puma's largest shareholder and view its long-term commitment as a strong vote of confidence in our strategy, our management team and our future."

He continued: "We look forward to building a fruitful partnership and exploring areas where our respective strengths can create sustainable value for Puma and its shareholders on our journey to become a top 3 global sports brand."

How does this fit ANTA's strategy?

The acquisition forms part of ANTA's "single-focus, multi-brand, globalisation" strategy, designed to strengthen its international profile, reach and competitiveness in the global sporting goods market.

Key elements of the arrangement:

• Puma continues as an independently managed business
• ANTA seeks representation on Puma's supervisory board
• No takeover offer is currently planned for the German company
• ANTA will share retail and operational capabilities while respecting brand independence

For an acquirer built on a multi-brand portfolio, the confirmed deal marks ANTA's most significant move into the European sporting goods market to date, and a long-term strategic position rather than a control play — with integration of ANTA's retail and operations capabilities into Puma's transformation likely to define the partnership's commercial impact in the quarters ahead.