Puma Revenue Slips Below that of Its Chinese Investor Anta

Nike and Adidas remain the biggest sportswear brands in the world, but a Chinese company has quietly snuck into rank 3, not only kicking a legacy brand off the podium, but even becoming its largest stockholder recently.

Anta Sports Products, headquartered in the coastal province of Fujian, bought a 29-percent share in German brand Puma in January, which was being sold by the Pinault family behind luxury conglomerate Kering. Puma previously reported a loss of almost $750 million in 2025 and is in the process of restructuring. Company revenues dropped to $8.3 billion that year. Even at $9.5 billion in 2024, they had stayed behind Anta's $9.9 billion, however. 2025 figures for Anta are not yet released. Puma now wants to refocus on important sports instead of just lifestyle products, work on its direct-to-consumer strategy and better its image as a premium brand.

Anta meanwhile reported only 8.3 percent wholesale business in its 2025 interim report, making 56 percent of revenue in direct-to-consumer sales and 36 percent in e-commerce, including in the flourishing Chinese platform and social commerce business. The company sells its mass market Anta brand, while in 2018 also taking control at a 44.5 percent stock share of high-value and specialized brands Arc’teryx, Atomic, Salomon und Wilson via Finish company Amer Sports. It also hold the Chinese rights to sell Fila and Japan's Descente and bought German mass market outdoor brand Jack Wolfskin in April. Anta products are available in Europe and the U.S. via dedicated online stores, retailers and, most recently, a U.S. flagship store opened in Beverly Hills earlier this year.

Adidas, which released its final 2025 figures today, reported record revenues and achieved premium margins as many of its products, especially sneakers, are trending. Nike saw its sales decline even in a fiscal year that ended in May due to tariffs and other pressures and has seen the same issues in quarters since. Like other U.S. and European companies, Nike's revenue and stock price was affected by tariffs more than Asian competition, which flourished in the given environment.