Frasers Group has built a 5.77 per cent stake in Puma via derivatives, pushing the sportswear brand's shares up over 3 per cent. This move positions Frasers alongside Anta Sports, which holds a 29 per cent stake in Puma. Frasers, led by billionaire Mike Ashley, has a history of using minority stakes to pressure companies for strategic changes, particularly targeting suppliers like Puma and its subsidiary Sports Direct.

Puma is struggling, reporting a record €645mn net loss in 2025 and a 13 per cent sales decline. The German company warned 2026 will be a "transition year" focused on cost-cutting and product range simplification. Frasers' investment arrives amidst concerns over US tariffs and weakness in China, where Puma faces significant headwinds.

While Frasers declined comment, the stake grants it potential leverage. It already owns substantial stakes in Hugo Boss, Asos, Boohoo, Currys, and AO. Frasers previously pushed Hugo Boss against dividends, urging investment instead. This Puma stake extends Frasers' strategy of leveraging supplier investments for broader market influence.