If successful, Amer Sports will be the first China enterprise to go public in the United States in 2024.
According to EqualOcean, Amer Sports, Inc., a subsidiary of ANTA Group, formally submitted its F-1 filing to the U.S. Securities and Exchange Commission (SEC) on the evening of January 4, 2024, with the stock code "AS" for listing on the New York Stock Exchange. Amer Sports will be the first Chinese company to go public in the United States in 2024. Goldman Sachs, Bank of America, JPMorgan Chase, Morgan Stanley, Citigroup, and UBS are the joint lead underwriters, with more than ten other investment banks participating in the offering.
Amer Sports is a global sports and outdoor brand group that includes brands such as Arc'teryx, Salomon, Wilson, Atomic, and Peak Performance, covering categories such as apparel, footwear, equipment, protective gear, and accessories. As of September 30, 2023, Amer Sports has over 330 self-operated retail stores in 24 countries worldwide. Among them, Arc'teryx, Salomon, and Wilson are the three core brands of Amer Sports. As of September 30, 2023, Arc'teryx has 138 self-operated retail stores worldwide, Salomon has 114, and Wilson has 9.
ANTA's acquisition of Amer Sports can be traced back to 2019 when it was acquired by a consortium of investors, including Tencent, FountainVest Partners, and Anamered Investments (an investment company owned by Lululemon founder Chip Wilson). Redpoint China and Sequoia Capital China are also among the investors.
In fact, after acquiring Amer Sports, ANTA set a "EUR 1 billion development plan" for it, aiming to develop Arc'teryx, Salomon, and Wilson into billion-euro brands respectively, and achieve EUR 1 billion in revenue for the China market and the direct retail model. With the help of ANTA Group's resources and experience in the supply chain, channels, research and development, and retail operations, Amer Sports' performance has continued to grow.
Specifically, in terms of financial data, from 2020 to 2022, Amer Sports' revenue was USD 2.446 billion, USD 3.067 billion, and USD 3.549 billion, with a compound annual growth rate of 20.4%. Gross margins were 47.0%, 49.1%, and 49.7%, respectively. Adjusted EBITDA was USD 311 million, USD 417 million, and USD 453 million, with a compound annual growth rate of 20.6%. In the first three quarters of 2023, Amer Sports' revenue increased by 29.9% year-on-year to USD 3.053 billion, gross margin increased from 49.4% in the same period of 2022 to 52.2%, and adjusted EBITDA increased by 61.3% to USD 422 million from USD 262 million in the same period of 2022.
Amer Sports not only brings financial returns but also acts as a springboard for ANTA's international expansion.
According to Ding Shizhong, the head of ANTA's main brand, ANTA aims to become "ANTA Global" rather than just "China's Nike."
Since 2016, ANTA Group has been implementing a "Single-Focus, Multi-Brand" development strategy. In 2021, ANTA released a new ten-year strategy, upgrading it to "Single-Focus, Multi-Brand, Globalization." Currently, ANTA's retail channels, research and development network, supply chain, and production bases are spread worldwide, with 75,000 sales outlets in North America, Europe, and the Asia-Pacific region. It has established research and design studios in the United States, Europe, Japan, South Korea, and other places, and has conducted joint innovation with over 60 top research institutions, universities, and more than 3,000 upstream and downstream suppliers.
In terms of globalization layout, the group has established the Southeast Asia International Division as the first stop for its multi-brand global layout. It has set a target of USD 1.5 billion in revenue for ANTA and Amer Sports in the next five years and has launched direct retail operations in core business districts in Singapore, Malaysia, the Philippines and other southeast asian countries. In the future, Amer Sports will continue to strengthen the "Three Major Markets" of China, North America, and Europe, promote the "EUR 1 billion development plan" strategy, and work with ANTA Group to create "ANTA Global" through dual-drive operation.