China signals: Anta’s Puma deal twist, Adidas’ surge, Pop Mart’s IP fight, resale’s reckoning

This week: Anta’s Puma deal grows more complex as Mike Ashley’s Frasers Group enters the picture; Adidas posts record revenue and extends its 11-quarter China growth streak; Pop Mart takes 3D printing platform Bambu Lab to court over Labubu copyright infringement; and cracks emerge beneath the surface of China’s booming resale market. Taken together, they map the new fault lines of doing business in and around China. A new wildcard in Anta’s Puma bid Market intel: Mike Ashley’s Frasers Group has disclosed a 5.77% position in Puma — built largely through put options — emerging as a new stakeholder just weeks after Groupe Artémis agreed to sell its 29.06% stake to Anta for 1.5 billion euros ($1.8 billion) at 35 euros per share, a 62% premium to Puma’s price at the time. The deal contains a so-called “anti-embarrassment” clause: if a formal takeover bid for Puma emerges within 15 months of closing, Anta must pay Artémis the difference. Frasers’ arrival on the shareholder register adds a new variable to that calculation. Market indicator: Anta’s “multi-brand, globalization” strategy has successfully absorbed Fila, Descente, and Amer Sports, but the Puma deal introduces a new variable: sophisticated financial engineering from a seasoned operator. Ashley has a track record of building minority stakes to exert strategic pressure — most recently at Hugo Boss and Mulberry — and his arrival at Puma is unlikely to be passive. For Chinese brands expanding globally, the lesson is clear: cross-border deals require not just capital, but legal fortifications against investors who treat corporate ownership as leverage. Adidas’ China revival enters its 11th quarter Market intel: Adidas closed fiscal 2025 with record revenue of 24.8 billion euros ($28.7 billion), up 5% on a reported basis and 13% in currency-neutral terms, while net income grew 67% to 1.38 billion euros ($1.60 billion). Greater China grew 13% to 3.62 billion euros ($4.21 billion) — marking 11 consecutive quarters of growth and outpacing Europe’s 10% rise. CEO Bjørn Gulden received a contract extension through 2030 after successfully navigating the post-Yeezy era. Key drivers include deep localization — exemplified by Tang suit-inspired designs from Adidas’ Shanghai Creation Center that sparked “reverse daigou” (purchases by foreign visitors seeking China-exclusive product) — and a healthier portfolio spanning both performance and lifestyle. Market indicator: Adidas’ sustained China recovery offers a playbook for brands seeking redemption. The 11-quarter streak wasn’t built on a single silhouette or trend, but on systematic localization — from design centers on the ground to product development tailored to Chinese tastes. The “reverse daigou” phenomenon signals that localization can become exportable innovation: product created for China finding demand abroad. For competitors still struggling in China, Adidas proves that patient, consistent investment in local relevance eventually compounds into market leadership. 3D printing becomes Pop Mart’s newest IP battleground Market intel: Pop Mart’s stock fell nearly 5% on March 3 after news broke that the toymaker is suing Shenzhen-based Bambu Lab over copyright infringement. The lawsuit alleges users uploaded 3D-printable files mimicking Labubu to Bambu Lab’s MakerWorld platform, enabling low-cost replicas at minimal material expense — printing a standard Labubu at home costs around 3 RMB ($0.40) in materials, while originals can fetch several hundred dollars on the secondary market. Bambu Lab has since removed all Pop Mart-related models from the platform. Legal experts note that platform operators may face liability even for user-uploaded content. The case is scheduled to be heard on April 2 in Shanghai. Between January and November 2025, Chinese prosecutors handled 64 criminal cases involving cultural and creative product copyright infringement, including 13 related to Pop Mart. Market indicator: As 3D printing technology becomes more accessible, the line between fan homage and commercial infringement blurs. Unlike counterfeit luxury bags — which differ in material and craftsmanship — 3D-printed collectibles can achieve near-perfect replication at minimal cost, posing a direct threat to IP-dependent business models. Pop Mart’s legal action signals that brands must now police not just physical counterfeits, but the digital files that enable them. For the broader consumer goods and luxury industry, this case may establish precedents for how platforms are held accountable for user-generated infringing content — a question with implications well beyond 3D printing. The trust problem behind China’s resale boom Market intel: China’s second-hand luxury market is growing 15-20% annually, but consumer complaints against platforms including Zhuanzhuan and Aihuishou are mounting. Sellers report “bait and switch” tactics — lured by high preliminary valuations only to have prices slashed once items reach warehouses. Buyers receive items advertised as “99% new” that arrive damaged or worn. Authentication processes remain opaque, with genuine items sometimes flagged as counterfeit with no explanation, while fakes continue to circulate on C2C platforms such as Xianyu. Market indicator: The resale boom has exposed a regulatory and integrity vacuum. Platforms that prioritise volume over quality control risk eroding the trust that second-hand commerce depends on. Until unified authentication standards and transparent processes emerge, that trust remains elusive. For luxury brands, this creates both risk and opportunity: risk that poor resale experiences damage brand equity, and opportunity to step in with certified pre-owned programmes that offer the transparency consumers increasingly demand. The platforms that survive will be those that treat integrity as a competitive advantage, not a cost.

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China signals: Anta’s Puma deal twist, Adidas’ surge, Pop Mart’s IP fight, resale’s reckoning