Core Viewpoint - The article discusses the recent leadership changes at Amer Sports and its brand Arc'teryx in the Greater China region, highlighting the competitive landscape of the outdoor market and the brand's performance amidst these changes [1][4][7]. Leadership Changes - Amer Sports has seen multiple leadership changes in the Greater China region since its acquisition by Anta in 2019, with key figures like Xu Yang and Yao Jian playing significant roles in the brand's development [2][6]. - Ivan She (佘移峰) has recently left his position as General Manager of Arc'teryx in Greater China, with Ma Lei temporarily taking over the role [4][6]. - Ma Lei, who has extensive experience in the sports industry, was appointed as the Greater China President of Amer Sports in July 2023 [3][6]. Market Performance - Arc'teryx has shown strong growth in the Chinese market, with its outdoor functional apparel segment generating revenue of $5.09 billion in Q2 2025, reflecting a year-on-year increase of 23% [3][7]. - In 2024, Amer Sports achieved total revenue of $5.183 billion, a year-on-year growth of 18%, with a significant increase in operating profit [6][7]. Competitive Landscape - The outdoor market is becoming increasingly competitive, with brands like Wolf Claw and Salomon posing challenges to Arc'teryx [7][8]. - The rise of domestic brands such as Beryh and Kailas, which are gaining market traction, adds to the competitive pressure on Arc'teryx [7][8]. - The brand's recent performance during major sales events, such as Tmall's "Double 11," indicates a shift in consumer preferences, as it fell out of the top twenty sales rankings [8][9]. Strategic Insights - Analysts suggest that Arc'teryx's growth strategy has shifted from being a niche professional brand to a more mainstream fashion-oriented approach, which may expose it to risks associated with changing fashion trends [7][9]. - The article emphasizes the importance of maintaining a professional core value in outdoor branding to build consumer trust and loyalty [9].

Core Insights - Amer Sports reported a 23% year-over-year revenue growth in Q2 2025, reaching $1.236 billion [1] - The company expects a full-year revenue growth of 20-21%, with a gross margin of approximately 57.5% and an operating profit margin of 11.8-12.2% [2] Revenue Breakdown - Outdoor functional apparel segment grew 23% to $509 million [1] - Mountain outdoor apparel and equipment segment saw a 35% increase to $414 million [1] - Ball and racket equipment segment increased by 11% to $314 million [1] Regional Performance - Greater China revenue grew 42% to $410 million [1] - Asia-Pacific (excluding Greater China) revenue increased by 45% to $155 million [1] - Americas revenue rose by 6% to $395 million [1] - EMEA region revenue grew 18% to $276 million [1] Channel Performance - Direct-to-consumer (DTC) channel revenue increased by 40% to $641 million [1] - As of June 30, the number of outdoor functional apparel stores increased by 12% to 227 [1] - Mountain outdoor apparel and equipment stores grew by 58% to 256 [1] - Ball and racket equipment stores increased by 142% to 63 [1] Store Expansion - Arc'teryx added 7 new stores, with growth in footwear and women's categories [1] - Salomon's DTC channel grew by 63%, with a net addition of 16 stores in Greater China, totaling 234 [1] - Wilson's footwear business revenue doubled, with plans to open 50 new tennis 360 stores in China this year [1]