The Chinese company that went from contract shoemaker to betting on Puma - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号):
请您阅读我们的用户注册协议隐私权保护政策,点击下方按钮即视为您接受。
并购

The Chinese company that went from contract shoemaker to betting on Puma

Anta’s €1.5bn deal for a 29% stake in the German sportswear brand is a big step towards fulfilling its global ambitions
00:00

{"text":[[{"start":10.5,"text":"Anta Sports’ €1.5bn deal to become Puma’s biggest shareholder puts the Chinese sportswear conglomerate into closer competition with the sort of global brands it once produced shoes for."}],[{"start":24.14,"text":"The company started in 1991 as a contract manufacturer in Fujian, a coastal province that quickly became a production hub for western brands such as Nike and Adidas. But Anta has long pursued an overarching strategy of rivalling those same companies at home and abroad."}],[{"start":45.379999999999995,"text":"This week, it took its most prominent step yet towards that goal with the purchase of a 29 per cent stake in Puma, the struggling German brand, from France’s billionaire Pinault family."}],[{"start":58.209999999999994,"text":"“This acquisition makes Anta Sports the largest shareholder of Puma and marks a major step forward in our ‘single-focus, multi-brand, globalisation’ strategy,” Anta founder and chair Ding Shizhong said on Tuesday."}],[{"start":72.66,"text":"The company said in an exchange filing that the deal would “further enhance its presence and brand recognition in the global sporting goods market”."}],[{"start":82.14,"text":"Anta, which made total revenue of Rmb38.5bn ($5.5bn) in last year’s first half, already operates a stable of well-known brands in China and has stakes in the Arc’teryx, Salomon and Wilson brands through its holding in US-listed Amer Sports. Last year, it acquired German outerwear label Jack Wolfskin for nearly $300mn."}],[{"start":107.58,"text":"Its approach is emblematic of how businesses with origins in China’s supply chains are looking to expand overseas amid intense competition and tough conditions at home."}],[{"start":119.96,"text":"Ding has pledged to build “not China’s Nike, but the world’s Anta” — a long-standing ambition that has received fresh impetus as other Chinese consumer businesses such as Luckin Coffee, toy retailer Pop Mart and carmaker BYD go global."}],[{"start":137.04,"text":"Anta’s 1999 sponsorship of Chinese table tennis champion Kong Linghui helped turn the contract manufacturer into a consumer-facing brand."}],[{"start":148.14,"text":"In 2009, it acquired the mainland rights to Italian brand Fila, followed by licensing agreements with other foreign labels including Japan’s Descente."}],[{"start":160.29,"text":"Jason Yu, an analyst at Kantar Worldpanel, said the Fila deal “really helped Anta to move more into . . . [the] premium market”."}],[{"start":169.38,"text":"Today, Fila makes up more than a third of the company’s revenue, compared with 44 per cent for Anta’s own brand. Overall, the group’s adjusted net profit in the six months to the end of June last year was Rmb6.6bn, up 7.1 per cent year on year."}],[{"start":null,"text":"

"}],[{"start":190.32999999999998,"text":"Despite a wider loss of economic momentum, the outerwear and sports segment has seen strong demand in China amid a focus on health and fitness after the Covid-19 pandemic."}],[{"start":203.26,"text":"In 2019, a consortium led by Anta acquired Finland-based Amer, which houses several high-end activewear brands, for €4.7bn. After relisting it in New York in 2024, Anta now owns 39 per cent, according to Morningstar analyst Ivan Su."}],[{"start":223.19,"text":"Amer’s Greater China revenue rose 47 per cent year on year to $461.5mn in the third quarter last year, compared with overall revenue growth of 30 per cent."}],[{"start":236.98,"text":"A private equity investor suggested Puma’s activewear aligned with Chinese consumers’ shift in spending towards products that offer “function over form” and are not just “for show”."}],[{"start":249.67999999999998,"text":"“Anta has always admired Puma’s long-term brand value and potential,” said Ding. “We believe Puma’s share price over the past few months does not fully reflect the long-term potential of the brand . . . We look forward to supporting the brand’s ongoing revival.”"}],[{"start":null,"text":"
"}],[{"start":266.58,"text":"Anta’s own label remains little known outside China. The company has made efforts to expand its global presence, sponsoring US basketball stars such as Kyrie Irving and opening a flagship store in Beverly Hills this month, but “its growth remains limited due to a lack of brand recognition”, said Morningstar’s Su."}],[{"start":288.26,"text":"Lina Yan, a consumer analyst at HSBC, said Anta’s aim was for overseas revenue to account for 15 per cent of the total by 2028. “As the domestic market continues to mature and becomes more saturated, it is natural for the company to explore opportunities internationally,” she said."}],[{"start":308.95,"text":"Richard Lin, a Hong Kong-based analyst at Shanghai Pudong Development Bank Investment, said Anta had a strong record of “rebranding and reviving” acquired brands, but new acquisitions “tend to weigh on profitability in the short term”."}],[{"start":324.44,"text":"He added Anta would aim to improve Puma’s profitability in the next three to four years. “After that, it is very likely that Anta will increase its shares in Puma,” Lin said."}],[{"start":337.58,"text":"Analysts at Jefferies in a note on Tuesday pointed to “dilution risks” for Anta shareholders, citing expectations of a “significant equity placement” after the Puma deal, based on the company’s “track record”."}],[{"start":353.40999999999997,"text":"They also warned of risks to growth potential. “Puma is very well known in China, so it may be difficult to bring out a sense of brand freshness,” they wrote."}],[{"start":365.09,"text":"Anta on Tuesday said the deal would be entirely financed from internal cash reserves."}],[{"start":371.44,"text":"Although its overseas ambitions long precede China’s recent economic pressures, Anta also faces a challenging domestic market."}],[{"start":380.69,"text":"Nike last month reported a 17 per cent fall in Greater China revenue for the quarter ended November 30. Adidas said Greater China net sales were flat in the third quarter, even though overall sales hit a record high."}],[{"start":396.83,"text":"Globally, Nike’s annual sales of $46bn in the year to the end of May still dwarf those of Anta."}],[{"start":405.65999999999997,"text":"Yu at Kantar Worldpanel said Anta’s competition against Adidas and Nike “is not just in China but global” and that neither company was particularly active in the outerwear segment."}],[{"start":419.9,"text":"While Anta’s home province of Fujian previously had a reputation for poor quality, it has now shaken that off, said Yu. “They gained so much experience in managing production for Nike, Adidas, even Puma.”"}],[{"start":444.63999999999993,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1769564990_6285.mp3"}

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

侯赛因•塔伊布:帮伊朗最高领袖穆杰塔巴巩固国内控制的强硬派神职人员

一度被边缘化的塔伊布,如今获新任最高领袖提拔,负责领导革命卫队旗下权力大增的巴斯基民兵组织。

恒大索赔案对“四大”意味着什么?

香港法院允许中国恒大清盘人将审计失责索赔追至普华永道全球网络核心机构,“四大”以成员所法律独立隔离风险的传统架构由此面临考验。

厄尔尼诺对全球粮食体系的威胁迫在眉睫

世界必须为农业领域反复受到重大冲击做更好的准备。

四名俄罗斯银行家如何从欧盟制裁中牟利

俄罗斯因乌克兰战争遭到西方反制而陷入震荡之际,俄罗斯天然气工业银行卢森堡分行的俄罗斯高管却从中获利。

Lex专栏:贸易阻滞让集装箱航运业获喘息之机

海上运输受阻以及陆路运输瓶颈,正将运价推高至远超行业盈亏平衡线的水平。

温水煮青蛙式的美国债务危机

不断上升的赤字和偿债成本似乎已不再具有让财政恢复审慎的力量。
设置字号×
最小
较小
默认
较大
最大
分享×