Combination Registration No. C-2026/04/1414, Ancat Holding GmbH (‘Ancat’) and PUMA SE (‘PUMA’)

Proposed Transaction

The CCI unconditionally approved Ancat’s acquisition of 29.06% shareholding in PUMA under Section 31(1) of the Competition Act, 2002 (‘Act’). The proposed combination would lead to Ancat increasing its shareholding in PUMA from 2.9% to around 32% (although post the completion of the proposed combination, Ancat’s shareholding in PUMA will be reduced to less than 30%).

While Ancat is only an acquisition vehicle that itself does not carry out any business activities, its ultimate parent entity (i.e., ANTA Sports Products Limited (‘Anta’)) is engaged in the business of researching, designing, manufacturing, and selling sports footwear, apparel, and accessories (through the following brands: ANTA, FILA, Descente, Kolon Sport, Jack Wolfskin, and Maia Active). On the other hand, PUMA is a global sportswear and athletic footwear company engaged in the design, development, marketing, and sale of a broad range of sports and sports lifestyle products, including footwear, accessories, and apparel.

CCI Findings

Horizontal Overlaps: The CCI in its assessment noted that while the Anta group operated in India in the wholesale sports market, PUMA operated in the wholesale sports market and the retail sports market. Accordingly, at a broader level, their business activities overlapped in the wholesale sports market in India. At a narrower level, the business activities of Anta group and PUMA exhibited overlaps in the sports equipment / accessories market. The CCI in its assessment noted that in the narrower market of sports equipment / accessories, the proposed combination would not result in high levels of concentration on account of significant and large competitors such as Nike, Adidas, and Decathlon. In relation to the non-overlapping segments, the CCI noted that the parties would face significant competition constraints from competitors such as Nike (in the segment of sports apparel) and from Adidas, Nike, and Skechers (in the sports footwear segment). Accordingly, the CCI did not consider there to be any Appreciable Adverse Effect on Competition (‘AAEC’) concerns in these horizontal markets.

Vertical Overlaps: The CCI considered the vertical overlap between Anta group’s business in the wholesale / B2B sports market in India (at the upstream level) and PUMA’s business activities in the retail sports market in India (at the downstream level). The CCI noted that the plausible vertical overlap identified would not lead to any AAEC concerns as Anta group’s presence at the wholesale level and PUMA’s market presence at the downstream level are not significant so as to cause any foreclosure concerns.