Puma’s growth slows. Can Anta’s new deal get it back on track?

On October 7, Anta Sports announced the completion of its acquisition of a 29.06% stake in Puma SE, paying €1.5 billion ($1.75 billion) in cash to Artémis SAS, the investment company of the Pinault family. With regulatory approvals secured and all closing conditions met, Anta has officially become Puma’s largest shareholder. The deal was hardly a sudden move. In a recent exclusive interview with Chinese business media outlet Yicai, Anta Group Chairman Ding Shizhong revealed that the company had been watching Puma for a decade. For Ding, Puma’s appeal goes beyond brand recognition to its accumulated brand equity, product assets, sporting partnerships, and position in the global value chain. In particular, its strengths in football, motorsport equipment, running, and track and field could complement Anta’s existing portfolio. However, with the deal now complete, a new challenge arises: Can Anta once again prove the strength of its multi-brand operating model, this time with a far larger and more complex business? Over the past decade, Anta has developed a relatively mature multi-brand strategy. Its namesake label serves the mass sportswear market, while Fila targets premium sports fashion. Descente and Kolon Sport have extended their reach into technical outdoor apparel. Through its investment in Amer Sports, Anta has also brought global brands such as Arc’teryx and Salomon into its broader sporting goods portfolio. The strategy has produced several notable growth stories. Arc’teryx, Salomon, and Descente have rapidly expanded their presence in China in recent years, benefiting from the country’s booming sports and outdoor markets. Their growth has also demonstrated Anta’s strengths in brand management, retail distribution, and local market development. Whether that playbook will work for Puma, however, remains uncertain. Unlike most of the brands Anta has previously worked with, Puma already commands global recognition and a rich sporting heritage. The challenge is not to establish a market presence but to regain growth momentum: in Q2 2026, Puma reported a 9.4% year-on-year decline in sales, partly attributed to its ongoing business reset and weaker consumer demand. In Anta’s official statement, Puma SE Chief Executive Arthur Hoeld reiterated his ambition to make Puma one of the world’s top three sports brands, expressing optimism about the potential to combine the two companies’ strengths. But reaching that goal will require more than operational efficiency; Puma must sharpen its positioning to stand out from specialized competitors. The global sportswear market has become increasingly fragmented, with brands carving out distinct positions in specialized categories. Salomon, for instance, has expanded beyond technical trail running into outdoor-inspired lifestyle fashion, while Descente has reinforced its premium technical image through skiing and other performance sports. As established players stake out increasingly distinct niches, consumers face no shortage of brands but an abundance of choice. In this landscape, Puma will need to carve out a distinctive place in consumers’ minds. It will have to turn its extensive yet fragmented brand assets into a competitive advantage that is difficult to replicate, giving consumers not only a clear understanding of what Puma offers but a compelling reason to choose it. Lululemon launches 2026 “Wellbeing for All” activation On October 7, Lululemon launched its annual “Wellbeing for All” activation for the sixth consecutive year, kicking off with an experience day at the Shangyin Opera House in Shanghai. Lululemon brand ambassador Chris Lee, Chinese table tennis champion Deng Yaping, China’s first Paralympic triathlete Wang Jiachao, humanities scholar Liang Yong’an, and wellbeing expert Jesse Israel shared their perspectives on wellbeing. Nearly 1,000 guests took part in breathwork sessions, keynote speeches, and conversations. As part of the initiative, Lululemon will also partner with studios across Shanghai from October 10 to 17 to host a series of sweat classes, while stores nationwide will host community events. NikeSkims opens Shanghai pop-up store On September 28, NikeSkims unveiled its first physical retail space in China at HKRI Taikoo Hui in Shanghai, with co-founder and chief creative officer Kim Kardashian attending the opening. The space showcases the full NikeSkims Fall 2026 Edit 01 collection, spanning apparel, footwear, and accessories. It opened to the public on September 29 and will remain in operation through February 2027. As NikeSkims’ first brick-and-mortar presence in China, the space brings together Nike’s performance expertise and Skims’ focus on fit and body-conscious design. Alo opens pop-up space at Shanghai’s Zhangyuan On September 28, Alo unveiled its first pop-up experience space in mainland China at Zhangyuan in Shanghai, bringing together retail, fitness, wellness, and community experiences. Extending into an outdoor courtyard, the space offers an immersive introduction to the brand and marks a new chapter for Alo in China. Blending its Los Angeles roots with Shanghai’s urban energy, the first floor features a full range of men’s and women’s apparel, footwear, and accessories, while the central courtyard houses meditation and sound healing areas. The second-floor wellness space opened by invitation on October 6, offering one-on-one training, therapeutic massages, sound healing, and meditation. The third floor, set to open in mid-October, will feature Pilates and yoga studios, with regular classes and community events open to the public.

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Puma’s growth slows. Can Anta’s new deal get it back on track?