Source: Photo.com
According to the official website of the U.S. Securities and Exchange Commission (SEC), on January 4, local time, Amer Sports, Inc. (hereinafter referred to as "Amalfen Sports"), a global sports and outdoor brand group, has officially submitted F-1 documents and announced on the official website that it has applied for the listing of common shares on the New York Stock Exchange under the stock code "AS", and the number and price range of shares to be issued have not yet been determined. It is said that the company's valuation could be as high as US$10 billion (more than 70 billion yuan) after the listing.
Amalfen Sports is a global iconic sports and outdoor brand group, mainly divided into three business segments: professional apparel, outdoor performance and ball sports. Its core brands include Arc'teryx, a high-end outdoor equipment brand, Salomon, a French mountain outdoor off-road brand, and Wilson, an American tennis equipment brand. Among them, Archaeopteryx is known as the "outdoor top stream" and "middle-class standard", and its average clothing price is between 4,000 and 6,000 yuan.
According to the prospectus, Amalfen Sports was acquired by an investment consortium led by Anta Group in 2019 and started its transformation, and its performance has accelerated since then. ANTA Group is the parent company of ANTA, a professional sports brand in China, and also owns FILA, a high-end fashion sports brand from Italy, DESCENTE from Japan, and KOLON, a high-end outdoor lifestyle brand from South Korea. ANTA's acquisition of FILA is regarded as a textbook of acquisition cases, and its performance has grown rapidly, becoming half the sky of ANTA Group.
At present, Amalfen Sports' business in the Chinese market has reached a new high, and with the process of listing in the United States, the market is concerned about and expects it to become the next "cash cow" of Anta Group. According to the prospectus, from 2020 to 2022, the revenue of Amalfen Sports will be 2.446 billion US dollars, 3.067 billion US dollars, and 3.549 billion US dollars respectively, with a total revenue of more than 9 billion US dollars, and the year-on-year revenue growth in 2021 and 2022 will be 25.39% and 15.72% respectively. The net losses were US$237 million, US$126 million, and US$253 million, respectively, totaling more than US$600 million.
Outdoor sports brand pyramid in the Chinese market
At present, there are many domestic brands and international brands in the domestic outdoor products market, showing a pyramid of competition pattern, and the main representative brands in the high-end market include Arc'teryx; Mid-to-high-end brands include Columbia, Jack Wlofskin, etc.; And most domestic brands hover at the low end, such as Pathfinder.
The development trend of China's outdoor products industry
Although the mainland outdoor products market is now in a stable stage of development, in the context of the national economic upgrading, it is expected that the awareness of outdoor sports among mainland citizens will be improved, and the types of outdoor sports that are prevalent will also be further improved. At the same time, with the holding of the 2022 Beijing Winter Olympics, it is expected that the mainland outdoor sports will usher in new development opportunities. From the perspective of enterprises, in the context of the rise of domestic products, there will be more domestic outdoor sports brands in the mainland, and it is expected that they will continue to innovate in the future to further increase the market share of domestic outdoor products.
According to market research firm Statista, the global sportswear market is worth around $200 billion annually. 2024 could be a year of record growth for the global sportswear market.
According to Bloomberg, the "national trend" set off by local Chinese brands is driving market change, and this trend is particularly evident among young Chinese consumers, especially Gen Z, who see the "Made in China" label as a badge of honor.
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