On April 10, Anta Sports announced its plan to acquire German outdoor brand Jack Wolfskin for USD 290 million. The deal is expected to close by late Q2 or early Q3 this year, pending standard closing conditions.
This move underscores Anta’s ongoing commitment to its multi-brand strategy and its deepening focus on the outdoor segment. Ding Shizhong, chairman of Anta’s board, said Jack Wolfskin targets the mass outdoor segment, which helps it stand apart from the group’s other high-end outdoor brands.
The announcement gave Anta’s stock a modest boost. By the close of trading on April 11, shares had risen 2.82% to HKD 83.85 (USD 10.8). But not everyone sees the deal as a clear win. Some industry watchers point to Jack Wolfskin’s underwhelming performance in recent years—particularly in China.
Changing hands, falling behind
For those outside the outdoor apparel space, Jack Wolfskin may only be recognizable by its paw print logo often spotted in malls.
Founded in 1981, the brand built a loyal following in Germany by offering high-performance gear at accessible prices. Its message—centered on “experiencing nature”—struck a chord with Europe’s middle class. Popular products like shell jackets and hiking boots helped propel it into the top three outdoor brands in Europe by market share.
Jack Wolfskin entered China in 2007, positioning itself as a provider of professional gear without the premium price tag. It expanded rapidly across various market tiers. By 2011, it had more than 200 stores in China. That number climbed to over 700 by 2015.
But the momentum didn’t last.
Between 2006–2018, the brand changed owners four times. In 2018, it was acquired by Callaway Golf from Bain Capital and others for EUR 418 million (USD 475.8 million). Investors were wary—Callaway’s core golf business had little overlap with outdoor apparel, and its stock dipped following the purchase.
Frequent leadership changes left Jack Wolfskin struggling to regain its footing. In 2020, new CEO Richard Collier attempted a brand reset under the slogan “We Live to Discover,” aimed at attracting younger consumers.
Though US-owned, Jack Wolfskin concentrated its efforts on Europe and China, eventually exiting the US market entirely in 2024.
But in China’s increasingly crowded outdoor gear space, Jack Wolfskin has failed to make a mark. Zhang Qing, founder of consultancy Key-Solution, told 36Kr that poor inventory turnover and weak channel management have long dragged on its performance.
Some Chinese consumers now see it as an “outlet brand” due to constant discounts. Meanwhile, competitors like Kailas and The North Face have expanded their presence. Even in Europe, Jack Wolfskin has seen sales decline.
Callaway’s overall performance hasn’t impressed either. In fiscal 2024, it posted USD 4.239 billion in revenue—a 1.1% drop year-on-year (YoY). One of the weak points: Jack Wolfskin’s underperformance in Europe. That may have paved the way for the sale.
What’s in it for Anta?
For Jack Wolfskin, Anta represents a chance at revival. With proven experience managing brands like Fila and Arc’teryx, and the resources to support a turnaround, Anta may be able to breathe new life into the faltering brand.
Anta’s multi-brand strategy hinges on focused brand differentiation and global expansion. At its 2024 earnings call, Ding emphasized that each label within the group targets a distinct customer base, with tailored product development and innovation.
Its current brand portfolio includes Anta for mass market sportswear, Fila for fashion-forward activewear, and technical outdoor brands Descente and Kolon Sport. This approach has underpinned strong growth.
In 2024, Anta generated RMB 70.826 billion (USD 9.9 billion) in revenue, up 13.6% YoY. Net profit attributable to shareholders rose 52.4% to RMB 15.596 billion (USD 2.2 billion), and operating profit climbed 8% to RMB 16.595 billion (USD 2.3 billion).
Momentum has continued into 2025. In Q1, retail sales for all brands under Anta recorded YoY gains. Anta and Fila each saw high single-digit growth, while Descente and Kolon Sport posted 65–70% growth.
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Despite these gains, not everyone is convinced. Fashion industry analyst Tang Xiaotang noted that Anta is paying around 60% of what Callaway spent on Jack Wolfskin seven years ago. He remains skeptical, suggesting the brand has already peaked and lacks growth prospects, especially in China.
There are also concerns about brand overlap. In early 2024, Anta rebranded its “champion stores” to focus exclusively on outdoor products, raising questions about whether Jack Wolfskin might cannibalize existing offerings.
But Zhang views internal overlap as part of the plan. “Yes, there will be some internal competition,” he said. “But that’s part of the race. It’s about seeing which brand truly breaks out.”
“Even though Anta has outdoor lines, many buyers prefer specialist brands for technical gear. Jack Wolfskin has had little recent marketing visibility in China, except for one campaign with Karen Mok. That gives Anta space to reinvent it,” Zhang added.
One thing is clear: the outdoor segment is the fastest-growing and most closely watched category in the sportswear market. With Jack Wolfskin now under its umbrella, Anta is poised to expand its presence not just in China, but in Europe too.
As of the end of 2024, Anta operated 243 stores outside mainland China, with footprints in Southeast Asia markets like Singapore, Malaysia, and Thailand. Ding has long stated his ambition for Anta to become a global brand. Each acquisition could be a step toward that goal.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This article was written by Xie Yunzi for 36Kr.