Cross-Border M&A and High-End Brand Transformation: A Case Study of ANTA’ s Acquisition of Amer Sports

Yusong Zhang

doi:10.62177/apemr.v3i1.1078

Authors

Yusong Zhang Guangzhou College of Commerce

DOI:

https://doi.org/10.62177/apemr.v3i1.1078

Keywords:

ANTA Sports, Amer Sports, Cross-border M&A, Multi-Brand Strategy, Financial Performance

Abstract

With the deepening of global economic integration, cross-border mergers and acquisitions (M&A) have become a vital strategy for Chinese enterprises to achieve high-end brand transformation. This paper examines the leveraged acquisition of Amer Sports by a consortium led by ANTA Sports, a landmark transaction valued at 4.6 billion euros. Through case analysis and financial data verification, the motivations, risks, and integration strategies of this deal are systematically explored. The research indicates that the primary motivations include expanding global market share, optimizing the brand portfolio to move up the value chain, and seizing growth opportunities in the Chinese winter sports market. Despite challenges such as high financial leverage and cross-cultural integration issues, ANTA successfully achieved synergies. This was achieved by maintaining brand independence, empowering backend operations, and promoting a direct-to-consumer (DTC) model. Financial data reveals that Amer Sports achieved profitability in 2021, with revenue reaching 5.18 billion USD by 2024. This case provides significant insights for Chinese consumer goods companies seeking to expand internationally through strategic acquisitions.

Downloads

Download data is not yet available.

References

Liu, Y., & Meyer, K. E. (2020). Boundary spanners, HRM practices, and reverse knowledge transfer: The case of Chinese cross-border acquisitions. Journal of World Business, 55(2), 100958. DOI: https://doi.org/10.1016/j.jwb.2018.07.007

Liu, Y., & Woywode, M. (2013). Light‐touch integration of Chinese cross‐border M&A: the inﬂuences of culture and absorptive capacity. Thunderbird international business review, 55(4), 469-483. DOI: https://doi.org/10.1002/tie.21557

Luo, Y., & Tung, R. L. (2018). A general theory of springboard MNEs. Journal of International Business Studies, 49(2), 129-152. DOI: https://doi.org/10.1057/s41267-017-0114-8

Luo, Y., & Tung, R. L. (2007). International expansion of emerging market enterprises: A springboard perspective. Journal of international business studies, 38(4), 481-498. DOI: https://doi.org/10.1057/palgrave.jibs.8400275

Nair, S. R., Demirbag, M., & Mellahi, K. (2015). Reverse knowledge transfer from overseas acquisitions: A survey of Indian MNEs. Management International Review, 55(2), 277-301. DOI: https://doi.org/10.1007/s11575-015-0242-y

Ramamurti, R., & Hillemann, J. (2018). What is “Chinese” about Chinese multinationals?. Journal of International Business Studies, 49(1), 34-48. DOI: https://doi.org/10.1057/s41267-017-0128-2

Yang, Y. (2022). Analysis of the Brand Image Transformation of Chinese Sportswear and Sports Shoes Brand—Based on the Cases of Li-Ning and Anta. Academic Journal of Business and Management, 4, 28-38. DOI: https://doi.org/10.25236/AJBM.2022.040905