This one slipped by us, but PUMA is undergoing some ownership changes that create a potentially interesting dynamic for its golf subsidiary, COBRA Golf.
In January, Anta Sport Products announced that it was buying a 29 percent stake in PUMA SE from Groupe Artemis, the investment company of the Pinault family. This makes Anta Sports, China’s largest sportswear company, the single largest shareholder in PUMA.
The all-cash transaction is valued at approximately $1.8 billion, representing a 62 percent premium to PUMA’s share price at the time of the deal. It was the proverbial offer they couldn’t refuse.
The agreement is expected to be finalized by the end of this year.
So why is this of any interest to golfers? Let’s dig in.
Anta is creating a sports empire
The name “Anta” should not be new to you. Founded in 1991, the Chinese sportswear giant is the world’s third largest sportswear company behind NIKE and adidas with annual revenues exceeding $10 billion. Along with its branded gear, Anta owns the Fila brand in China and just last year bought Jack Wolfskin from Topgolf Callaway. In 2019, a consortium led by Anta paid more than $5 billion for a controlling interest in Finland’s Amer Sports. Amer owns sports brands such as Salomon, Atomic, Arc’teryx and, most relevant to today’s discussion, Wilson Sporting Goods.
Amer’s annual revenue adds $5 billion to Anta’s economic ecosystem, while PUMA’s revenue in 2025 adds approximately $8 billion. Anta’s share of these revenues, based on the ownership percentage of each company, amounts to approximately 4.6 billion dollars.
In acquiring a controlling interest in PUMA, Anta now has, by default, a controlling interest in COBRA. As the owner of Amer Sports and Wilson Sporting Goods, Anta already has, again by default, a controlling interest in Wilson Golf.
Told you this would be interesting.
Anta says her purchase of PUMA is not an outright purchase. The company has stated that it supports PUMA’s existing management, autonomy and brand identity, with no current plans to take full control.
Now, these are public statements, and nobody spends $1.8 billion without a long-term plan. I know the conspiracy-minded among us will want to blurt out skulls, stabbings, and other sound-biting tales of corporate intrigue, but all we know is what we know, and, at this point, we don’t even know what we don’t know.
Do you know?
PUMA was ripe for the taking
PUMA has struggled. CEO Arthur Hoeld says the company has been in a “reset” mode in recent years. Slowing demand, weaker sales and intense competition in PUMA’s core businesses forced sharp declines in share prices in 2024 and 2025. Groupe Artemis and the Pinault family had been a non-strategic partner in PUMA despite being its largest shareholder. Hoeld says PUMA has developed a turnaround strategy for the company, focusing on performance products and cost discipline.
Earlier this month, Frasers Group also acquired PUMA. It acquired a nearly six percent stake in the company, making it the second largest shareholder after Anta.
What does this mean for COBRA?
In the short term, practically nothing. This move makes COBRA and Wilson Golf distant cousins, as both are now small cogs in the same giant sporting goods machine. We know that Anta has invested heavily in Wilson and that he sees golf as a key area of ​​growth. Anta has a history of investing in performance-driven brands and is known as a patient owner.
One of the reasons for the purchase is that Anta sees great potential for PUMA, especially in China, where it is an underrepresented brand. Additionally, Anta is considered less fashion-driven and more performance-driven, focusing on materials and engineering. This fits well with the identity that COBRA has worked to develop since moving away from its orange-driven brand a decade ago.
What we don’t know is if there will be any synergy between COBRA and Wilson. Given the rates of separation, it seems unlikely in the short term. There are miles of corporate red tape between the two golf divisions, making them more like second cousins ​​twice removed.
In the long term, whether Anta wants two separate and competing golf companies in its portfolio is an open question. On the other hand, Anta is adding another high-profile athletic shoe brand to its empire. In this sense, two golf companies may not be a bridge too far.
When Anta acquired Amer Sports in 2019, it specifically identified golf as a growth opportunity, particularly in Asia. In this sense, owning two brands is better than one.
