Anta Takes On Nike and Adidas: Buys 29% of Puma for Global Push

Chinese sportswear group Anta announced it will acquire roughly a 29.06% stake in Puma, making Anta the German brand's largest shareholder and marking a clear step into direct competition with Nike and Adidas on the global stage.

The transaction, disclosed on January 27, 2026, values the stake at about €1.505 billion. Anta has spent years building a multi-brand portfolio that includes premium outdoor and performance labels and has used acquisitions to scale quickly; the company reported consolidated revenue exceeding RMB70.8 billion for 2024. These financial resources have underpinned its recent cross-border purchases and investments in direct-to-consumer channels.

Market implications are significant: Reuters reports Anta commanded around 23% of China's sportswear market as of 2025 and ranks third globally by revenue behind Nike and Adidas. The Puma deal gives Anta a globally recognised mass-market brand and a foothold in the U.S. and European retail networks where Anta has been less visible. For Puma, which derives a small share of revenue from China, Anta's local distribution strength could accelerate growth in Asia.

In a broader context, Anta's approach reflects a China-first playbook with global ambitions: scale domestically, optimise acquired brands for local consumers, then leverage that strength to rehabilitate and grow international assets. That model has worked with prior acquisitions but poses new challenges when applied to a long-established European brand with different governance, distribution and consumer expectations. Regulatory scrutiny and brand perception in Western markets will be factors to monitor.

Analysts say the next 12-18 months will test Anta's ability to integrate Puma without diluting margins: key indicators will be China sales growth for Puma, improvements in PUMA's retail execution and the effect on Anta's consolidated profitability. If executed well, the deal could accelerate Anta's path to become a truly global conglomerate; if not, integration and reputational risks could weigh on both groups. Investors will watch quarterly sales trends and management guidance closely.