Chinese sportswear giant Anta Sports has completed the acquisition of a 29.06 per cent stake in Puma, making it the German sportswear brand’s largest shareholder.

Anta acquired the stake from Artémis, the investment company controlled by the Pinault family, for 1.51 billion euros (about US$1.7 billion) in cash. The transaction follows regulatory approval and the completion of customary closing conditions.

The investment gives Anta a significant foothold in one of the world’s major sportswear brands as it continues to build an international multi-brand portfolio.

Anta said it plans to support Puma’s growth by bringing its experience in brand management, retail operations and global resource integration to the business. The two companies will also explore opportunities to leverage their respective strengths, particularly in China and other international markets.

“Puma has a rich heritage and strong underlying brand value. We have confidence in its management team and support the strategic transformation currently underway,” said Ding Shizhong, chairman of Anta Sports. 

“As a long-term shareholder, we look forward to sharing our experience and capabilities, particularly in retail and operations, while respecting Puma’s independence and brand identity.”

Anta does not currently intend to launch a takeover offer for Puma. The company said it intends to seek appropriate representation on Puma’s supervisory board, while the German sportswear brand will continue to operate independently.

The investment further expands Anta’s portfolio, which includes Fila, Descente and Jack Wolfskin, while the group is also the largest shareholder in Amer Sports, the owner of brands including Arc’teryx, Salomon and Wilson.

Anta first announced the proposed acquisition earlier this year.