Anta Sports could help Puma get back into growth mode, especially in the Chinese market.
That line of thinking has HSBC equity analysts upgrading shares of Puma to a “buy” from “hold.” In a research note Tuesday from Akshay Gupta, global luxury and consumer analyst, and Anne-Laure Bismuth, head of consumer luxury and sporting goods, they wrote that Puma should benefit from Anta‘s support and expertise, with the overhaul of the direct-to-consumer (DTC) network in China being the first step.
Anta Sports this year took a 29.06 percent stake in the brand — pending regulatory approvals, which are expected by the end of 2026.
The German sportswear brand is still in a period of transition due to ongoing inventory cleanup, reduction of undesirable wholesale distribution and cost control measures. The HSBC analysts noted that late 2027 could be when strategies under the new ownership could unlock significant growth opportunities, beginning with a focus on the China market.
“Anta has a strong track record of turning around global brands, include Fila, Descente, Kolon Sport, and Amer Sports, including Arc’teryx, Salomon, and Wilson,” the analysts noted, pointing out that those brands were acquired and then “relaunched following a strategic repositioning, with a particular focus on the China market, where all of them are now a success.”
Anta’s business model features a “single-focus, multi-brand, globalization” strategy, and it has been consistent in its playbook to turnaround and scale brands that were previously underperforming and struggling with market positioning. Shifting brands toward DTC also helps streamline supply chains to improve efficiency and profit margins, the HSBC analysts noted.
And in the case of the Finnish group Amer Sports, which an Anta-led consortium acquired in 2019, the turnaround resulted in “Arc’teryx becoming a defining global outdoor label in China and Salomon capturing the market with its transformation from a purely performance driven outdoor label to a lifestyle and fashion-oriented brand.”
A China DTC strategy would be important for the brand as it accounts for 70 percent of sales and is considered “low-hanging fruit.”
In addition, Anta is planning to seek two of seven board seats, giving it the ability to assert influence on the board. For now, Puma has just a 1.3 percent market share there, as well as limited brand awareness.
Where Anta can help is with expertise in the local market. Plus, Puma can get some leverage through Anta’s existing distribution network. And with just 150 owned and operated stores in Puma, the German brand appears to have a significant runway for expansion. Puma also operates about 770 franchise stores in China.
“While it remains difficult to estimate the number of potential stores openings over the next three years, we take confidence from Anta’s speed and agility in China,” the analysts wrote. “Brands in Anta’s portfolio have demonstrated an ability to scale store networks more efficiently than many global peers.”
One example is Salomon, which under Anta’s supervision has been able to open stores in as little as two months versus nine months from the planning date for most global brands. The HSBC report noted that in 2025 alone, Salomon added 90 brand stores, of which 45 were owned and operated, with all the stores profitable since inception.
The HSBC report noted that Greater China accounted for 7 percent of group sales in 2025, down from 15 percent in 2020, but that exposure is expected to reach 10 percent by 2028, helped by an expected CAGR (compound annual growth rate) of 23 percent over 2026 to 2028.
Puma last year opened a massive new London Flagship. The company also promoted Maria Valdes to chief brand officer. And in April, Puma hired new leaders Bertand Blanc as its new vice president of global wholesale and Laurent Fricker as its new vice president of sportstyle as it continues with its turnaround strategy.
Puma posted slightly better than expected first quarter 2026 results, although second quarter sales were guided worse than the first quarter before there will be a pickup in the back half.
Anta is the third-largest sportswear firm in China behind Nike and Adidas. It is now also the largest shareholder of Puma, followed by Mike Ashley’s Frasers Group with its 5.77 percent stake.
