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Frasers Group has acquired a 5.77% stake in Puma as the German sportswear brand attempts to recover from a net loss of €645m (£560m).
The investment, which was disclosed in a stock exchange filing yesterday (5 March), was built through derivatives and put option contracts. Frasers Group now sits behind Anta Sports in the shareholder structure.
The Chinese sportswear group agreed to buy a 29% stake in Puma from the Pinault family earlier this year in a €1.5bn (£1.3bn) deal. Puma shares rose more than 3% following the disclosure.
The move follows a pattern of chief executive Michael Murray and founder Mike Ashley taking minority stakes in suppliers to influence strategy. Puma is a key supplier to Sports Direct.
Frasers Group holds more than 25% of the voting rights in Hugo Boss and secured a board seat there last year. It also holds stakes in Asos, Boohoo, and AO World.
The investment arrives during a period of volatility for the German brand. Puma reported a 13% fall in annual sales in 2025 and its shares have fallen roughly one-fifth over the past year.
The company warned that 2026 will be a transition year. Chief executive Arthur Hoeld, who took over the role last summer, has begun a strategic reset to reduce discounting and exit wholesale partnerships.
Ashley has a history of targeting undervalued retail assets. Frasers Group withdrew a £111m takeover approach for Mulberry in 2024 and recently saw its acquisition of Matches collapse into administration.
