Frasers Group takes minority stake in Puma
Mike Ashley’s Frasers Group has taken a 5.77% stake in Puma, adding another twist to the ownership of the German sportswear giant as it attempts to bounce back from a record €645 million net loss in 2025 and a 13% slide in annual sales.
According to a report in the Financial Times, Puma shares rose more than 3% yesterday, 5 March, after it disclosed in a stock exchange filing that Frasers Group had built the position in its shares largely through derivatives.
Frasers Group’s move into Puma comes hot on the heels of China's biggest sportswear brand, Anta Sports, snapping up a 29% stake in Puma in late January for €1.5 billion (£1.3 billion) from the Pinault family, which also owns luxury conglomerate Kering, making it the biggest shareholder in the sportswear company.
In 2025, Puma announced that it was implementing “drastic measures” to tackle brand challenges and restore inventory balance, with these continuing to take effect in 2026.
It said the measures would lay the groundwork for the company to return to growth from 2027 onwards, with a new strategic priority to establish itself as a top-three global sports brand.
Last month, Puma warned that 2026 will be a “transition year” as it cuts costs and narrows its product range in an effort to revive growth.
Puma is a major supplier to Sports Direct, so acquiring a minority stake will give Frasers Group leverage for strategic changes - a business strategy it has used in the past, including with German fashion house Hugo Boss, in which, as of July 2025, Frasers Group held more than 25% of the company’s voting rights.
In May 2025, Frasers CEO Michael Murray joined the Supervisory Board of Hugo Boss amid a leadership shakeup.
