Pinaults Sell Puma Stake to China’s Anta for $1.8 Billion

France’s billionaire Pinault family agreed to sell its 29% stake in Puma SE to China’s Anta Sports Products Ltd., paring back its holdings beyond the luxury-goods industry as it focuses on a turnaround at the key Gucci brand.

Anta agreed to spend €1.5 billion ($1.8 billion) for a leading ownership position in the German sports company and expand its portfolio of Western athletic brands that already includes labels ranging from Salomon to Wilson.