Puma Faces Strategic Shift as Major Stake Sold Following Steep Losses

Chinese sportswear giant Anta buys 29% stake in Puma for €1.5B as the German company posts a €645.5M loss, suspends its dividend, and forecasts a tough 2026.

The shareholder landscape at sportswear giant Puma is undergoing a significant transformation in the wake of a difficult financial period. A Chinese competitor is seizing the opportunity presented by the company's recent challenges to execute a major strategic investment, even as Puma's management forecasts continued difficulties ahead.

Financial Results Prompt Dividend Suspension

Puma's recently concluded fiscal year, described internally as a "reset," delivered sobering figures. Currency-adjusted revenue declined by 8.1 percent to approximately €7.3 billion. More critically, the company posted a net loss of €645.5 million, a stark reversal from the prior year's profit of €281.6 million. This substantial loss has forced the complete suspension of dividend payments to shareholders.

Market reaction was swift. The company's shares closed Friday's trading session down 4.79 percent at €19.80, falling decisively below the key 200-day moving average of €20.90.

Chinese Sportswear Giant Anta Becomes Largest Single Shareholder

Amid this fundamental reassessment, a major change in ownership is taking shape. Chinese group Anta Sports is acquiring a 29 percent stake from the French Pinault family for €1.5 billion. This transaction will elevate Anta to the position of Puma's largest single shareholder. The Asian company has stated that a full takeover is not currently intended. Anta plans to finance the deal, which is slated for completion by the end of 2026, using internal cash reserves. The strategic goal is to bolster Puma's market position in the crucial Chinese region.

Management Forecasts Another Year of Challenges

Puma's leadership has simultaneously tempered expectations for the immediate future. The group has declared 2026 a "transition year," anticipating a further currency-adjusted sales decline in the low to mid-single-digit percentage range. The operating result (EBIT) is also projected to remain in negative territory, with an expected loss of between €50 million and €150 million.

The company's renewed strategy involves repositioning the brand through less commercial and more attractive product offerings, aiming to return to growth above the industry average in the medium term. An initial step in this product offensive is the global launch of a new national team kit collection for eleven countries, scheduled for March 24.

The board has committed to a definitive return to profitability by 2027, following the completion of its ongoing restructuring measures.