迪卡侬也要卖了

Core Viewpoint - Decathlon is planning to sell approximately 30% of its stake in its Chinese subsidiary, with an estimated valuation of €10-15 billion (around ¥100 billion) [4][6]. Group 1: Decathlon's History and Market Presence - Decathlon was founded in 1903 by Louis Mulliez in France, evolving from a textile factory to a major sports retail brand [5]. - The company entered the Chinese market in 1994, establishing a production office in Guangzhou, and opened its first retail store in Shanghai in 2003 [6]. - By 2015, Decathlon had expanded to 166 stores in China, reaching approximately 260 stores by the end of 2017, despite recent store closures [6]. Group 2: Current Business Structure and Operations - Decathlon China operates 4 owned factories, 11 industrial procurement offices, and around 400 partner factories, contributing significantly to the global supply chain [6]. - Products sourced from Decathlon's Chinese factories account for 42.5% of the group's global market [6]. Group 3: Share Sale and Investment Dynamics - The family behind Decathlon is only willing to sell 30% of the stake, indicating the importance of the Chinese market to the company [7]. - The potential transaction is expected to be structured as a mix of "capital increase and share transfer," similar to the Starbucks China deal [10]. - Multiple international private equity and sovereign funds have signed confidentiality agreements, with some investors seeking more than 30% [11]. Group 4: Broader Market Trends - The trend of acquiring the Chinese operations of multinational companies is becoming a significant direction in consumer mergers and acquisitions [13]. - Recent examples include the acquisition of McDonald's China operations by CITIC Group for $20.8 billion, which has led to substantial growth in store numbers [13].