Mike Ashley’s retail empire has added another high-profile investment to its portfolio after Frasers Group quietly acquired a 5.77 per cent stake in German sportswear giant Puma. Regulatory filings on the German stock exchange confirmed the position, making Frasers Group the second-largest shareholder in the company. The announcement sent Puma shares up nearly 10 per cent, as investors interpreted the move as a potential vote of confidence in the struggling brand.
The investment comes just weeks after Chinese sportswear group Anta Sports purchased a 29.1 per cent stake in Puma from the French billionaire Pinault family for €1.5 billion, highlighting a period of rapid change in the brand’s ownership. Frasers reportedly assembled its stake through a series of put option agreements linked to Puma shares, a strategy that allows exposure without immediately buying large blocks of stock on the open market.
Founded by Mike Ashley in 1982, Frasers Group has built a reputation for taking minority stakes in fashion and retail brands and using its influence to push for operational or strategic changes. Although Ashley stepped back from day-to-day operations in 2022, his son-in-law Michael Murray has continued the strategy of investing in key partners and competitors.
Puma is already a major supplier to Sports Direct, Frasers’ flagship chain, and increasing its shareholding could give the British retailer additional sway over the company’s future strategy and product development. The move comes at a turbulent moment for Puma, which has struggled to compete with rivals such as Nike and Adidas.
Last year, Puma reported a record annual loss of €645.5 million and declining sales, prompting the company to scrap its dividend and cut around 900 jobs as part of a turnaround effort. New CEO Arthur Hoeld has led the restructuring, acknowledging that the brand must fundamentally rethink its product strategy and global positioning amid weakening demand and broader macroeconomic pressures, including trade tensions and rising costs.
Puma’s stock has begun to recover from a near ten-year low, closing recently at €22.62, helped by renewed investor interest following Anta’s acquisition and Frasers’ stake. The deal adds to Frasers’ growing portfolio of global retail investments, which includes Hugo Boss, Asos, Boohoo, and Mulberry. The group has often used its holdings to exert pressure on management teams and influence strategic decisions, as seen in its long-running dispute with Boohoo and recent moves at Asos.
Analysts say the presence of two powerful shareholders, Anta and Frasers, could reshape Puma’s direction, potentially influencing product development, distribution strategies, and management decisions. For Frasers, the investment reinforces its approach of expanding influence across the global retail ecosystem while positioning itself to benefit from any recovery in the sportswear market.
Mike Ashley’s empire appears to be quietly extending its reach beyond Britain’s high streets, with Puma now a central part of its growing international portfolio.
