Group 1 - Anta Group is reportedly eyeing the acquisition of Reebok's China operations from Authentic Brands Group (ABG), following its recent acquisition of the German outdoor brand Jack Wolfskin [1][6] - If the acquisition of Reebok is finalized, it would mark another significant addition to Anta's portfolio, which already includes brands like FILA, Descente, and Amer Sports [1][6] - Anta has a history of successful acquisitions, transforming struggling brands into profitable entities, as seen with its turnaround of FILA in China [6][9] Group 2 - Reebok, once the world's leading sports brand in the 1990s, has seen a decline in market share and brand value, with its global market share projected to remain below 1.5% in 2024 [2][4] - The brand's sales in China have been underwhelming, with total sales on major e-commerce platforms amounting to only 160 million RMB last year [4] - Reebok was sold by Adidas to ABG for approximately 2.1 billion euros (around 2.5 billion USD) in 2021, but has struggled to regain its former prominence [3][4] Group 3 - Anta's acquisition strategy is characterized by a focus on differentiated positioning across various price segments, allowing it to cater to a wide range of consumer needs without internal brand competition [9] - The company is expanding its global footprint while maintaining a stronghold in the Chinese market, with recent acquisitions aimed at enhancing its international presence [9] - The potential acquisition of Reebok could provide Anta with new growth opportunities, especially as some of its existing brands face slowing growth [9]

Core Viewpoint - Anta Group is reportedly pursuing the acquisition of Reebok's China operations from Authentic Brands Group (ABG), following its recent acquisition of the German outdoor brand Jack Wolfskin, marking a significant step in its global expansion strategy [1][10]. Group 1: Anta's Acquisition Strategy - Anta's interest in acquiring Reebok has been circulating since March, highlighting its aggressive growth through mergers and acquisitions [7]. - The company has successfully transformed brands like FILA from loss-making entities into profitable ventures, with FILA's revenue reaching 26.63 billion yuan in 2024, accounting for 37.6% of Anta's total revenue [7][10]. - Anta's acquisition strategy is characterized by a diversified brand portfolio that spans various price points, allowing it to cater to different consumer segments without internal competition [11]. Group 2: Reebok's Historical Context - Reebok, once the world's leading sports brand in the 1990s, has seen a significant decline, with its global market share projected to remain below 1.5% in 2024 [6][12]. - The brand was acquired by Adidas for $3.8 billion in 2006, but failed to meet growth expectations, leading to its sale to ABG for €2.1 billion (approximately $2.5 billion) in 2021 [4][6]. - Reebok's sales in China have been underwhelming, with total sales on major e-commerce platforms amounting to only 160 million yuan last year, contrasting sharply with Nike's performance [7][12]. Group 3: Market Implications - The potential acquisition of Reebok could provide Anta with new growth opportunities, especially as some of its existing brands face slowing growth [11][12]. - There are concerns among consumers regarding Reebok's pricing strategy post-acquisition, particularly if it aligns more closely with Anta's existing brands like FILA, which may lead to market overlap [12].