ANTA SPORTS(HK:02020) 3 6 Ke·2025-08-02 01:36Core Insights - Anta Sports is expanding its investment strategy by acquiring a stake in Musinsa, a leading South Korean fashion platform, marking a shift from its traditional focus on outdoor and sports sectors to a multi-brand strategy [1][12] - Musinsa aims to penetrate the Chinese market, leveraging its unique business model and strong brand foundation to attract young consumers [2][12] Company Developments - Anta Sports acquired approximately 1.7% of Musinsa for 50 billion KRW (approximately 264 million RMB) in January 2025, followed by the establishment of a joint venture where Musinsa holds 60% and Anta 40% [1] - Musinsa's valuation reached approximately 3.5 trillion KRW (about 15.9 billion RMB) after a 190 million USD Series C funding round led by KKR in July 2023 [5] Market Strategy - Musinsa has developed a dual-channel offline model with multi-brand stores and its own brand stores, which have become popular destinations for consumers [7][8] - The company plans to open over 100 stores in China by 2030, targeting sales of 1 trillion KRW (approximately 5.2 billion RMB) [9][10] Financial Performance - Musinsa's platform aggregated around 8,000 Korean fashion brands, with a GMV projected to exceed 4 trillion KRW (approximately 207 billion RMB) in 2024 [6] - The company reported a significant increase in sales and profitability, with a first-quarter revenue of 292.9 billion KRW and an operating profit of 17.8 billion KRW in 2025 [6] Future Outlook - Musinsa is preparing for an IPO, with market expectations for its valuation to reach between 4.5 trillion and 5 trillion KRW (approximately 23.2 billion to 25.8 billion RMB) [11] - Anta's partnership with Musinsa is seen as a strategic move to enhance its brand portfolio and connect with the younger consumer demographic in China [12]