Core Viewpoint - The Mammut brand is reportedly up for sale with a valuation of 500 million euros, sparking speculation about potential buyers, including Anta Sports, amidst a competitive outdoor market landscape [5][17]. Group 1: Brand Dynamics - The Mammut brand has two consumer segments identified by their logos: the red label and the white label, which have developed a rivalry, each viewing the other as less authentic [2][8]. - Despite the differences in logo, the products under both labels are similar in material and quality, leading to debates among consumers about brand authenticity [3][7]. - The red label is perceived as more premium, often associated with limited or commemorative editions, while the white label is seen as more accessible [7][10]. Group 2: Market Position and Competition - Mammut's sales figures indicate a significant gap compared to its competitor Arc'teryx, with projected global sales of 415 million Swiss francs (approximately 3.62 billion RMB) for 2024, while Arc'teryx is expected to reach around 20 billion RMB [11]. - The brand's market position has been challenged by quality control issues and a decline in brand influence compared to Arc'teryx, which has benefitted from strategic acquisitions by Anta Sports [13][14]. - Anta's successful branding strategies have positioned Arc'teryx as a luxury brand, further distancing it from Mammut [14][15]. Group 3: Potential Acquisition - The potential sale of Mammut has attracted interest from various Chinese companies, including Anta, Li Ning, and Youngor, indicating a growing interest in the outdoor market [18][19]. - Mammut's sales in the Chinese market have shown impressive growth, with a year-on-year increase of 85% in 2023 and 97% in 2024, suggesting a stable market presence [19]. - Jacobs Capital, the current owner of Mammut, acquired the brand for approximately 210 million euros in 2021, indicating a significant investment that may yield future opportunities regardless of the buyer [19].

Core Viewpoint - Jacobs Capital is exploring the sale of the Swiss outdoor brand Mammut, with a transaction valuation exceeding €500 million (approximately ¥4.1 billion) [1][4]. Company Overview - Mammut is recognized as one of the few high-quality outdoor brands globally, established in 1862, and is often compared with Arc'teryx and Montbell [3]. - The brand has a unique advantage in offering a wide range of products, unlike competitors such as Arc'teryx and Millet [3]. Financial Performance - In 2020, Mammut's global sales amounted to CHF 218 million (approximately ¥1.9 billion) [4]. - The brand's sales in China are projected to grow significantly, with expected year-on-year increases of 85% and 97% in 2023 and 2024, respectively, and maintaining over 80% growth in 2025 [5]. Market Position - Mammut's pricing strategy is more accessible compared to high-end brands, with its main price range for online products between ¥1,000 and ¥3,000 [5]. - The brand has opened 61 stores in China, primarily through authorized distribution channels, indicating a rapid expansion in the market [5][6]. Competitive Landscape - Despite recent growth, Mammut's offline store presence and quality are still behind competitors like Arc'teryx and Kailas, which have more extensive networks and higher-end store placements [6]. - The brand's marketing strategy includes appointing a celebrity spokesperson, but it lacks the strong professional athlete endorsements seen with competitors [6][8]. Growth Potential - The Chinese outdoor market presents significant growth opportunities, with the sports footwear and apparel market expected to reach ¥437.7 billion by 2025, growing at an average rate of 3.8% from 2026 to 2028 [8]. - Experts suggest that acquiring Mammut could provide Chinese companies with a pathway to expand globally, leveraging its international influence [8]. Acquisition Interest - Anta Group has shown interest in acquiring Mammut, but considerations regarding brand positioning and integration with existing brands are crucial [9]. - The potential acquisition could allow Anta to capture market share from higher-end brands like Arc'teryx, given Mammut's price advantage [9].