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].