From Knockoff to Kingmaker: How Anta Went from Dismissed to Buying Into PUMA
How China's Anta went from dismissed to buying into one of Europe's biggest brands
After decades of Western brands treating Chinese companies as manufacturers, not competitors, Anta is rewriting the global sneaker hierarchy… one billion-dollar deal at a time.
The latest move: Anta Sports is acquiring a 29% stake in Artemis, the holding company that controls PUMA, in a deal valued at $1.8 billion in cash. The transaction gives China’s largest sportswear company significant ownership in one of Europe’s most recognizable heritage brands and substantial influence over decisions about PUMA’s future.
If you’re just now hearing about Anta, you’re late. If you’re surprised they have this kind of capital and influence, you haven’t been paying attention. And if you think this is just another corporate acquisition... you’re missing the bigger story about who actually controls the future of footwear.
I’ve been watching Anta for over a decade. I’ve owned their shoes. I’ve tracked their moves. And I’ve watched Western executives and consumers consistently underestimate them, dismiss them, and pretend they weren’t building something that would eventually challenge the established order.
The dismissal is over. The reckoning is here.
The Deal Everyone’s Suddenly Noticing
According to WWD, Anta is reportedly paying $1.8 billion in cash for a 29% stake in Artemis, the Luxembourg-based holding company controlled by French billionaire François-Henri Pinault’s family. This isn’t a small investment or a passive minority position. This is serious ownership that comes with serious influence.
PUMA is no small prize. The German brand generated €8.82 billion in revenue in 2024. It’s a 75-year-old company with deep roots in football, motorsports, and street culture. It’s the brand that gave us the Suede, the Clyde, and the collaboration with Rihanna that actually worked. PUMA has credibility that money can’t buy... or at least, that’s what people used to think.
Now Anta is sitting at the table with $1.8 billion in cash, a 29% stake, and likely board representation. Suddenly, everyone’s taking them seriously.
The irony is that Anta has been serious for years. We just weren’t watching.
The $5.2 Billion Education
This isn’t Anta’s first major move into Western brands. In 2019, they led a consortium that acquired Amer Sports for $5.2 billion. That deal gave them Arc’teryx, Salomon, Wilson, Atomic, and Armada, brands Americans actually knew and respected.
At the time, the sneaker media barely covered it. The industry mostly shrugged. “Chinese company buys some outdoor brands” wasn’t sexy enough for headlines when there were Jordan retros to write about.
But think about that for a second. Anta owns Arc’teryx, the brand that hypebeast kids are wearing to coffee shops in Brooklyn and Tokyo. They own Salomon, which has become one of the go-to sneaker collaborations in the past five years. The Salomon XT-6 became a fashion staple, worn by everyone from runway models to tech founders. The XT-4 looks to be up next. They also own Wilson, one of the world’s largest sporting goods companies.
These aren’t cautionary tales about Chinese ownership ruining Western brands. They’re case studies in what happens when a company with resources actually invests in what made those brands valuable in the first place.
Amer Sports went public in February 2024 with Anta as the largest shareholder. Arc’teryx (a brand that Anta helped scale) became one of the hottest names in fashion. Salomon is having a full renaissance. The brands didn’t just survive Chinese ownership... they thrived.
And now, hopefully, Anta will bring that same approach to PUMA.
The Quality Nobody Wanted to Acknowledge
Here’s what most people writing about this deal won’t tell you: Anta makes great shoes.
I’m not saying this as a hypothetical or because I’m trying to be contrarian for clicks. I’m saying this because I’ve owned Anta shoes. Multiple pairs over the past 10+ years. The quality is top-notch. The designs, especially on their signature athlete lines, are legitimately innovative.
My favorite? The Klay Thompson 7 in the Koi Fish edition. That shoe is beautiful, well-constructed, comfortable, and thoughtfully designed. It’s the kind of sneaker that proves Anta isn’t trying to copy Nike or adidas... they’re building their own language.
But for years, American consumers and industry executives operated on an assumption that “Made in China” meant “cheap knockoff.” It didn’t matter that Chinese factories were manufacturing shoes for Nike, adidas, New Balance, and every other brand we considered premium. It didn’t matter that the same facilities, same materials, same craftspeople were making products for everyone. If it had a Chinese brand name on it, it was automatically lesser.
That bias runs deep. I’ve watched people in the sneaker industry, people who should know better, dismiss Anta, Li-Ning, Peak, and other Chinese brands as “not real competition” while simultaneously praising Nike’s latest innovation that was literally made in the same Chinese factories.
The cognitive dissonance is staggering.
Here’s what makes it even more absurd: the most well-known and celebrated footwear industry professionals... the designers, the product developers, the people who actually spend time in Chinese factories... they’ll tell you a completely different story. I won’t name names, but if you talk to anyone who regularly works in China or with Chinese manufacturers, they consistently praise the capabilities, the innovation, the speed, the quality control. They know what’s possible because they’ve seen it firsthand.
It’s only the people who haven’t been behind the curtain (or who have other personal biases they’re not willing to examine) who talk down about Chinese manufacturing and Chinese brands. The people actually doing the work? They know better.
The Western Brand Playbook That Stopped Working
For decades, Western sportswear brands operated on a simple playbook:
Design products in the USA or Germany
Manufacture them in Asia at the lowest possible cost
Market them with huge budgets and celebrity endorsements
Charge premium prices because of the logo
Repeat
That model worked when Asia was just the factory floor. When Chinese companies were partners in manufacturing, not competitors in branding. When the assumption was that innovation happened in the West and execution happened in the East.
But something fundamental shifted.
The Market That Changed Everything
According to data from Statista and Grand View, the American footwear market is set to grow between 2-4% over the next few years. Meanwhile, China’s middle class is growing faster, and spending on footwear by Chinese consumers is growing at 5-6% annually.
Right now, the American market is still larger, $95 billion compared to $71 billion for China. But that gap is closing. Fast. And with China’s middle class expanding while America’s economy struggles with inflation, consumer debt, and stagnant wages, these numbers could flip sooner than anyone expected.
Think about what that means for a company like Anta. Why would you stay focused on being a contract manufacturer for Western brands when your home market is not only the world’s largest by population, but also the fastest-growing by spending power? Why would you keep sending shoes to America when Chinese consumers are buying more footwear every year than Americans are?
You wouldn’t. And Anta didn’t.
Chinese companies stopped being satisfied as contract manufacturers. They started building their own brands, signing their own athletes, developing their own technology, and most importantly, capturing their own market. China is the world’s biggest sneaker market by volume, and it’s about to become the biggest by revenue too.
Anta didn’t just figure out manufacturing. They figured out branding, athlete marketing, retail strategy, and cultural positioning. They signed Klay Thompson when he was overlooked after his ACL injury. They signed Kyrie Irving when Nike dropped him and everyone assumed his signature shoe business was dead. They started with players like Gordon Hayward and Rajon Rondo, and then expanded with international athletes who resonate in markets Nike barely thinks about.
And they did it while building products that—again, I cannot stress this enough—actually perform and actually look good.
What Anta’s 29% Could Mean for PUMA
PUMA has an incredible history and brand recognition beyond most brands in the world. The Suede is a cultural icon. The association with football, Formula 1, and street culture runs deep. The Fenty collaboration showed they can still move culture when they get it right.
With 29% ownership, Anta isn’t just an investor. They’re a partner. That likely means board representation, strategic input, and operational influence. This isn’t passive capital... this is active involvement in PUMA’s direction.
There are plenty of examples of what not to do. The smart move for Anta isn’t to gut PUMA and turn it into an Anta subsidiary. The smart move is to do what they did with Arc’teryx and Salomon: let PUMA be true to itself while guiding the ship in the right direction.
PUMA doesn’t need to become a Chinese brand. It needs to become a global brand that’s not beholden to Western assumptions about what sportswear should be. Anta can bring capital, manufacturing expertise, Chinese market access, and a willingness to take risks that Western conglomerates lost appetite for.
Imagine PUMA with the resources to properly compete in basketball again. Imagine PUMA with distribution strategies optimized for growth markets instead of just protecting European retail partnerships. Imagine PUMA able to move quickly on collaborations and athlete signings without layers of corporate bureaucracy.
That’s what Anta’s 29% stake could enable... if they’re smart enough to let PUMA be PUMA.
The Brands That Underestimated China
While Anta was building, what were American brands doing?
Nike spent the last few years cycling through CEOs and restructuring, cutting ties with retail partners, and watching market share erode to Hoka, On, and… yes, Chinese brands in their home market. Under Armour spent 13 years failing to build a sustainable business around Stephen Curry, one of the greatest shooters in basketball history. Adidas has cycled through multiple CEOs and strategies trying to recapture relevance.
The assumption was always that Western brands would maintain dominance through superior innovation, marketing, and cultural cache. But what if the real advantage was just market incumbency? And what happens when that incumbency erodes?
Anta didn’t beat Nike by making better Dunks. They didn’t beat adidas by making better Superstars. They built their own lane, signed athletes Western brands overlooked, and created products that resonated in the world’s biggest market. And then, once they had the capital and confidence, started buying meaningful stakes in the Western heritage brands that needed partners.
The Warning Nobody’s Heeding
This PUMA deal is being covered as a business transaction. “Chinese company buys stake in European brand.” The reporting will focus on the $1.8 billion figure, the Artemis ownership structure, and the strategic rationale.
But what this really represents is a fundamental power shift in the global sneaker industry that most people won’t notice until it’s too late.
China isn’t just manufacturing shoes anymore. They’re not just selling to their domestic market. They’re not just building competitive brands. They’re buying significant ownership in the brands we grew up with. They’re gaining influence over the companies that defined footwear for generations.
And they’re doing it because Western companies took too long to realize that the factory floor would eventually want to own the front office.
Anta can write a check for $1.8 billion in cash for a 29% stake in PUMA because they built a business that’s worth it. They have the capital because they captured their home market. They have the confidence because they’ve successfully integrated Western brands before—$5.2 billion for Amer Sports proved they know how to scale heritage brands without destroying what made them special. They have the leverage because PUMA—like many Western brands—needs what they’re offering.
The Personal Bias We Need to Unlearn
I got my first first-hand experience with a Chinese brand when Li-Ning first partnered with Baron Davis over 15 years ago, shooting the launch of his signature shoe courtside at Staples Center.
I’ve been in this industry a long time. I’ve seen every brand cycle, every trend, every “next big thing” that wasn’t. And one of the most persistent biases I’ve encountered—from executives, from media, from consumers—is the assumption that Chinese brands are inherently inferior.
I’ve watched people praise Nike’s craftsmanship while wearing shoes made in the same Chinese factories that make Anta’s products. I’ve heard industry veterans dismiss Li-Ning’s technology as “copying Nike” while Nike’s own innovation pipeline stagnated. I’ve seen retailers refuse to carry Chinese brands because they “don’t think their customers want them”... even as those same customers complain that Nike and adidas aren’t making interesting products anymore.
The bias isn’t just unfair. It’s expensive. It costs Western brands market share, growth opportunities, and relevance. It costs consumers access to genuinely innovative products. And it’s cost the industry a clearer view of where power actually lives.
Anta isn’t some scrappy underdog sneaking in through the back door. They’re a massive, sophisticated, well-capitalized company that’s been building toward this moment for over a decade. The fact that we’re surprised they can afford to pay $1.8 billion in cash for a 29% stake in PUMA says more about our assumptions than their capabilities.
What Happens Next
A deal this size will take time to close. There are still regulatory approvals, shareholder considerations, and strategic questions to be answered. Regardless, this tells you everything about where we’re headed.
Terms may change, but the trajectory is clear.
Chinese sportswear companies are going to keep growing. They’re going to keep signing athletes. They’re going to keep innovating. They’re going to keep expanding globally. And they’re going to keep acquiring significant ownership stakes in Western brands that don’t see them coming.
Anta paying $1.8 billion for 29% of PUMA might seem like an anomaly. It’s not. It’s the first domino.
Li-Ning is growing. Peak is expanding. Xtep, 361 Degrees, and other Chinese brands you’ve never heard of are building businesses larger than most American sneaker startups will ever achieve. They have advantages Western brands can’t match: proximity to manufacturing, access to the world’s largest consumer market, government support for international expansion, and no legacy retail partnerships holding them back.
The question isn’t whether Chinese brands will continue gaining influence in global footwear. The question is which Western brands will recognize this shift in time to adapt, and which will keep dismissing Chinese competitors until they’re negotiating partnership terms instead of dictating them.
The Respect That’s Overdue
If Anta’s 29% stake in PUMA closes as reported, I hope they handle it the way they’ve handled Amer Sports brands. Let PUMA be PUMA. Respect the heritage. Invest in what makes the brand valuable. Use the scale and resources to compete more effectively, not to strip the identity that people love.
PUMA deserves that. The brand has survived 75 years by staying true to its roots while evolving with culture. That’s not easy. That’s not luck. That’s institutional knowledge and brand equity that’s worth preserving.
But I also hope this deal makes Western executives, media, and consumers reconsider their assumptions about where innovation comes from and who’s capable of building brands that matter.
Anta didn’t become powerful enough to pay $1.8 billion in cash for 29% of PUMA by accident. They earned it. They built it. They deserve respect for what they’ve accomplished, not surprise that they’re “allowed” to sit at this table.
The factory floor isn’t just making our shoes anymore. They’re buying the heritage brands that we love.
And maybe, just maybe, they’ll run them even better.
I’m Nick Engvall. I’ve spent a lifetime obsessed with sneakers and 20+ years in the industry, from Eastbay’s first blog to Complex Sneakers to StockX (employee #9) to Stadium Goods. I run Sneaker History (website and podcast) and write The Sneaker Newsletter... sneaker lore, business breakdowns, and the stories that connect what we wear to who we are. I own multiple pairs of Anta shoes and think more people should try them before dismissing Chinese brands entirely. If you think I’m wrong about this, I’d love to hear why... because that means you’re actually thinking critically about this stuff, which is exactly what the industry needs more of.