安踏2.9亿美元收购狼爪，是一笔好生意吗?｜氪金·大事件

Core Viewpoint - Anta Sports has announced the acquisition of the German outdoor brand Jack Wolfskin for $290 million (approximately 2.1 billion RMB), reflecting its commitment to a multi-brand strategy and deepening its presence in the outdoor market [3][4]. Group 1: Acquisition Details - The acquisition is expected to be completed by the end of Q2 or early Q3 of this year, pending other closing conditions [3]. - Anta's chairman, Ding Shizhong, emphasized that Jack Wolfskin's positioning in the mass outdoor sports market will differentiate it from Anta's existing high-end outdoor brands [5]. Group 2: Jack Wolfskin's Market Position - Jack Wolfskin was established in 1981 and quickly gained a foothold in the German market, becoming one of the top three outdoor brands in Europe [9]. - The brand entered the Chinese market in 2007 and expanded rapidly, with over 700 stores by 2015 [9][10]. - However, Jack Wolfskin has faced challenges in recent years, including multiple ownership changes and a decline in brand strength due to inventory turnover and channel management issues [10][14]. Group 3: Financial Performance - Callaway Golf acquired Jack Wolfskin in 2018 for €418 million (approximately 3.4 billion RMB), but the acquisition was met with skepticism due to Callaway's primary focus on golf [10]. - Callaway's financial performance has been lackluster, with a reported net revenue of approximately $4.239 billion (down 1.1% year-on-year) for the 2024 fiscal year, largely due to declining sales in Jack Wolfskin's European business [14]. Group 4: Anta's Strategy and Performance - Anta Sports has been focusing on a "single focus, multi-brand, globalization" strategy, which has led to strong revenue growth, achieving 70.826 billion RMB in revenue for 2024, a 13.6% increase year-on-year [17]. - The company has successfully diversified its brand portfolio, with significant growth in retail sales across its various brands, including Anta and FILA [17]. Group 5: Market Outlook and Challenges - Despite Anta's successful brand operations, some analysts believe that Jack Wolfskin may not be a wise acquisition choice due to its declining brand value and slow development in the Chinese market [18]. - The outdoor market is viewed as the fastest-growing segment in the sports goods industry, and the acquisition is expected to enhance Anta's global presence, particularly in Europe [19][20].