Anta: 2009 bought a loss-making FILA China for ¥332M — and grew it into a twin engine

Anta was founded in 1991 in Jinjiang, Fujian, as a shoemaker; the 10 July 2007 Hong Kong IPO (priced HK$5.28, +42% on debut, ~HK$3.5B raised) gave it capital and public-company governance. In 2009 it bought FILA China from Belle International — ¥332M for 85% of the distributor, HK$1 for FILA Marketing, plus a ¥50M loan — picking up a brand with 50 stores and losses exceeding HK$39M a year as Belle shed assets.

The turnaround was operational, not financial: Anta gave FILA an independent team and converted it to fully direct-operated stores (three years to buy back the dealer network), repositioned it as premium sports-fashion in 2011, reached full profitability around 2014, then rode 5-6 years of growth (FILA revenue ¥21.82B in 2021, ¥26.63B in 2024). In 2012, amid the industry's inventory crisis, Anta's ¥7.62B revenue overtook Li-Ning's ¥6.68B — establishing it as China's #1 sports brand.

The group then stacked brands — Descente JV (2016), Kolon Sport 50/50 (2017), KingKow (2017) — and in December 2018 led a consortium (Fangyuan, Tencent, Chip Wilson's Anamered) on a €4.6B offer for Amer Sports, closing March 2019 (94.98%; Anta's own outlay ~¥12B). Amer listed on the NYSE on 1 February 2024 (raising ~$1.3B at a ~$6.3B market cap), cutting Anta's stake to 44.5% (39.37% by end-2025). Group revenue reached ¥70.83B in 2024 (+13.6%), three straight years as China's #1 sportswear company, with 'Greater Anta' (incl. Amer) past ¥108.6B.

From 50 loss-making FILA stores to ¥26.6B revenue (2024); a multi-brand group (Descente, Kolon, Amer's Arc'teryx) posting ¥70.8B revenue — market cap past HK$500B.

Anta bought brands at their trough and remade the operations instead of the story: FILA's direct-store rebuild, fashion pivot and free-standing team turned a 50-store loss-maker into a ¥26.6B engine.

The HK listing gave balance-sheet room for serial M&A, and the Amer consortium (Fangyuan, Tencent, Chip Wilson) spread cash and risk — the 2024 NYSE float then closed the acquire-nurture-float loop.

Buy brands with broken operations, not broken brands: ¥332M bought FILA, but direct-store conversion and a fashion pivot made it worth ¥26.6B — turnaround value lives in operations, not price tag.

The Amer float (Feb 2024, ~$1.3B raised at a ~$6.3B market cap) capped a decade of brand stacking, with Anta's reported ~¥9B paper gain funding further deals (Jack Wolfskin, Apr 2025, $290M). Momentum continued into 2025 — FILA H1 revenue ¥14.18B (+8.6%), group market cap ~HK$285B (Aug 2025). The open question is the next engine: with the domestic court settled, the group runs on three lines (Anta, FILA, Descente/Kolon/other ¥10.68B, +53.7% in 2024) — each bought at a trough and rebuilt operationally, each now preparing its own 2024-25 sequel.