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Anta's top-up commitment helped seal Pinault's Puma sale,

sources say

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Artemis sought to reduce debt amid investor scrutiny

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Anta aims to boost Puma's sales in China and global reach

By Mathieu Rosemain

PARIS, Feb 3 (Reuters) - François-Henri Pinault may not

have got as much as he wanted when he sold his family's

controlling stake in Puma to China's Anta

for $1.8 billion last week. But, according to two sources close

to the matter, the deal came with a deal-sealing sweetener: ‌an

"anti-embarrassment" clause.

While Anta's offer of 35 euros ($41.32) per share in cash

for the 29% stake initially received a cool reception from

Pinault's family business, Artemis, one of the sources ​said, the

Hong Kong-listed company then committed to paying more if a

higher offer emerged.

Hong Kong Stock Exchange filings show that Anta ‍agreed to

pay Artemis an additional amount, calculated under a formula, if

anyone makes a bid ⁠to buy more Puma shares or ⁠takes the iconic

German firm private within 15 months of the deal closing.

That meant Artemis would not need to hold out for a higher

price and will still ‌share any near-term upside if a higher

offer emerges later, the sources, ​who declined to be identified

because the matter remains private, told Reuters.

And the clause ultimately helped Anta clinch the deal for

one of the world's largest sportswear manufacturers, ending what

Pinault had once declared a "perfect fit" ⁠between Puma and his

PPR company, which later became Kering.

Artemis and ‍Anta declined Reuters' ​requests for comment.

FOLLOWING A COLD INITIAL RECEPTION, PRICE CLAUSE NARROWS GAP

Talks kicked off last autumn between advisers to the two

sides over the stake sale after Anta had made an initial

approach.

Artemis had drawn increased scrutiny from investors ‍after it

accumulated high debt across its portfolio during a push to

diversify investments away from luxury. And Pinault was working

to raise cash to lower that debt load, the sources said, as some

analysts voiced concern it would hinder a difficult turnaround

at Gucci, Kering's flagship brand.

Puma had also been under pressure from competitors after

recent sneaker launches, including ⁠the Speedcat, failed to

generate momentum.

Puma's stock spent much of 2025 trading around 22 euros per

share - less than half its value of two years prior - according

to LSEG data.

But selling on ​the cheap ‍was not an option. Artemis had at

one point sought more than 40 euros per share for the stake.

Anta's offer of 35 euros per share was initially viewed as

too low, but differences started to narrow after the ​Chinese

company agreed to discuss the price guarantee clause, one of the

two sources said.

DEAL FINALISED IN PARIS LAST MONTH

Ultimately, three strategic considerations drove Artemis'

decision to sell, they said. The first was the company's

preference for controlling assets rather than holding minority

positions. It also wanted to reallocate capital toward higher

value-creating sectors. And finally, it no longer saw itself as

the optimal shareholder for Puma's next development phase under

new CEO Arthur Hoeld.

Pinault had previously said the Puma stake was

non-strategic.

"This disposal is consistent with the ongoing strategy

implemented by Artemis to focus on controlled assets and to

redeploy its resources ​towards new value-creating sectors," the

company said in a statement last week.

Pinault and Anta Chairman Ding Shizhong, who had previously

met after Anta made an initial approach, finalised the deal in

Paris in early January, the second person said.

Anta said last week that it did not plan to make an offer

for the whole of ‍Puma.

($1 = 0.8470 euros)