Amalfen, as the parent company of Archaeopteryx, has been successfully listed on the New York Stock Exchange under the trading name "AS". It was the first company to conduct an IPO in the United States this yearAt the same time, it is also the largest IPO in the North American capital market since September 2023. After the end of the first day of trading, its stock price was up 308%, with a total market capitalization of 649.2 billion US dollars (equivalent to about 46.6 billion yuan).
Amalfen raised $1.3 billion in its initial public offering. From the submission of the application to the official listing, it took only one month. The listing of Amalfen has made Anta Group, a leading sports footwear and apparel company in China, begin to appear in the eyes of global investors and consumers. At present, ANTA Group has two listed companies trading in the international capital market.
In 2019, ANTA Group, together with a number of institutions, acquired Amalfen and became its largest shareholder. Since then, from 2020 to 2022, Amalfen's revenue has grown from $2.4 billion to $3.5 billion, with a compound annual growth rate of 204%；Gross margin from 470% to 497%。Therefore, it can be said that the successful IPO of Amalfen marks a milestone breakthrough for ANTA Group in the process of building the global map of China's sports footwear and apparel industry.
Not to be China's Nike, to be the world's Anta", this is the vision set by Anta's Ding Shizhong many years ago. With the acquisition of Amalfen, this goal is one step further.
The story of this super IPO worth 46.6 billion yuan began with a large-scale investment by Anta in 2018. Anta to 15Of the 4.3 billion euros invested, 5785% of the shares, becoming the largest shareholder of this international high-end outdoor sports brand.
You must know that at that time, Anta, in the interim report, had an operating income of 1055.4 billion yuan, net profit of 268.9 billion yuan, with total assets of only 2064.1 billion yuan. However,With the success of Amalfen's IPO, ANTA's investment decision has paid off. "China's shoe king" Anta Sports not only has its first IPO subsidiary, but also has a huge amount of book income.
According to the announcement, Anta ** Amer Sports 52,517% indirect interest, buyers include Chaohong, Jinfu, Sequoia SPV and ZWC Partners. The investors behind Amalfen made a huge profit through this transaction, which also added to the IPO report card in 2024.
Amalfen has also achieved remarkable success in the consumer market. The "Year of the Dragon Limited" launched in the New Year of Arc'teryx has triggered a rush to buy, whether it is offline stores or online official *** It is difficult to buy this product, and the limited edition jacket of the Year of the Dragon in the Central store of Archaeopteryx Wangfu has been sold out.
Behind the hot sales, there is naturally a group of "middle class" supporters. According to the prospectus, in 2018, Arc'teryx had only 140,000 members, and by September 30, 2023, the number has grown to 1.7 million. These 1.7 million members undoubtedly cast a vote of confidence for Archaeopteryx and the Amalfen behind it.
The rapid growth of Amalfen Sports Greater China is a testament to the huge potential of the Asian market. Dr. Luo Rentong, an innovation and entrepreneurship mentor of Guangdong incubator, said that with the economic development and wealth accumulation of Asian countries, consumption power will continue to grow, and the consumption power of subdivided fields will gradually increase, and the trend of brand upgrading is becoming more and more obvious.
At the end of 2021, at its 30th anniversary celebrations, ANTA Group announced that it would focus on strengthening its business development in China, North America and Europe. At the same time, ANTA has formulated a program for its subsidiary, Amalfen Sports, called"5 billion euro plans"The strategic plan is to build its three brands – Arc'teryx, Salomon and Wilson – into a billion euro brand by 2025.
In the modern business world,"The flywheel effect"is a well-known business model. ANTA has formed its own flywheel by building different business gears. Although in 2019, when Anta acquired Amalfen, the market was not optimistic about this deal, Anta still persevered and successfully turned the biggest gear.
It took Anta five years to replace the management of Amalfen and reorganize its business segments, and Anta assisted Amalfen in restructuring and simplifying the company's structure, which divides its business into three segments: Functional Apparel, Mountain Outdoor, Ball Games and Paddle Sports, led by three core brands, Arc'teryx, Salomon and Wilson.
AbsolutelyFor the whole flywheel effect to occur, it is not enough for the amafen to rotate, all the gears must be running at the same time to generate a strong enough potential energy。Therefore, while turning the largest gear, ANTA also takes into account the coordinated development of other sub-brands.
At present, ANTA Group's brands such as Arc'teryx, Salomon and Wilson have a high reputation and market share in the fields of outdoor equipment, outdoor off-road and tennis equipment. In addition, ANTA Group also owns many high-end brands such as Bikefeng, Atomic, and ATEC, further enriching its brand portfolio.
Driven by the flywheel effect, ANTA Group has become the world's third-largest sports brand company by market capitalization, and its sales in China have surpassed Nike to become the No. 1. Now, Anta has the confidence to compete with Nike and Adi in the global market.
With more than 70,000 employees around the world and offices in Asia Pacific, Europe and North America, ANTA Group spans the three sportswear markets of professional sports, fashion sports and outdoor sports, covering more than 3 billion consumers in more than 100 countries.
After the IPO of Amalfen, the ANTA brand is also actively internationalizing and plans to officially enter the US market. At the same time, ANTA is also steadily promoting its brand expansion overseas, and has launched direct retail business in core business districts in Singapore, Malaysia, the Philippines and other countries.
ANTA's success not only proves the effectiveness of the flywheel effect, but also provides a set of strategic guidelines for the business community to learn from.
ANTA's party** includes:"One model + three abilities + three cultural values"ANTA's business model is based on direct-to-consumer brand retail, attracting consumers through self-operated stores and personalized experiences.
ANTA helped Amalfen establish a vertically integrated DTC mindset, expand retail channels, and enhance the brand's premium space. Anta's"Multi-brand collaborative management"、"Global resource integration"and other core competencies have also fully empowered Amalfen.
ANTA's global resource integration capabilities are reflected in its five R&D and design centers in the United States, Europe, Japan, South Korea and other places, and it cooperates with more than 700 experts and more than 3,000 leading companies around the world to innovate. The successful application of this formula** has enabled Amalfen to move towards a larger capital market, which has verified the correctness of ANTA Fang** on the road of globalization.
Anta's big step towards globalization came in 2009, when it acquired the trademark rights and franchise rights of the Italian sports brand FILA in China from Belle International at a cost of 33.2 billion RMB. This is not only Anta's first acquisition, but also a key strategy for it to expand its global market share and enhance its brand influence.
Although this acquisition is a "bet" for Anta, the gambling capital is only 3200 million yuan, however, Anta's trial was ultimately successful. In 2012, Anta's operating revenue surpassed that of Li Ning, becoming the No. 1 in the Chinese market and winning the title of "Shoe King".
Fila's success has brought great confidence to ANTA, and ANTA has since embarked on a series of acquisitions. In 2015, ANTA acquired British sports and leisure brand Sprandi; In 2016, it acquired the exclusive operation, product design, sales and distribution business of Descente in China; In 2017, it acquired Kolon Sport, a high-end outdoor brand in South Korea; In 2019, Amalfen was acquired. Recently, Anta acquired another local brand, the Chinese women's sports brand Maia Active's 7513% equity interest.
ANTA's acquisition journey has not stopped. The acquisition has enriched its brand camp, covering various types of apparel brands such as high-end outdoor, leisure sports, and casual children's clothing. ANTA's empire has reached all corners of sportswear.
In fact, Anta's main performance has also benefited from the brands it has acquired. According to ANTA's 2023 operating performance data, the retail sales of ANTA's branded products increased by only single digits year-on-year. The retail value of FILA brand products increased by 10%-20% year-on-year; The retail value of all other brand products increased by 60%-65% year-on-year.
ANTA's other two main brands, the ANTA brand and the FILA brand, achieved 141 in the first half of 2023$700 million and $122The revenue of 300 million yuan accounted for 47 percent of the total revenue8% and 413%。
Acquisitions are undoubtedly a fast track to brand development. As Ding Shizhong, Chairman of the Board of Directors of ANTA, said, "With the brand operation capabilities of today's Chinese companies, the possibility of building a brand like Arc'teryx or Wilson within 30 years is almost zero, but through acquisitions and using the Chinese market as a growth space, it is possible to achieve a qualitative leap." ”With the rise of outdoor sports and the popularity of Arc'teryx and Salomon in China, Amalfen is expected to become another growth point for ANTA after Fila.
Dr. Luo Rentong, Innovation and Entrepreneurship Mentor of Guangdong Incubator, concluded that in this era of polarization of the consumer market, refinement of demand, and declining industry concentration, ANTA's multi-brand strategy has successfully covered a full range of scenarios, all types of people, and all competitive fields. This strategy breaks the constraints of a single brand's growth scale and life cycle, and effectively reduces operational risks through brand portfolios. This not only strengthens ANTA Group's ability to resist cyclical risks, but also enhances its basic strength for long-term stable development.
In the process of promoting the globalization of China's sports footwear and apparel industry, ANTA has struck the morning bell of a new day, marking a new starting point for its international market.
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