Anta Sports acquires Jack Wolfskin in $290m strategic move
The Chinese group Anta Sports has purchased the brand Jack Wolfskin. The well-known manufacturer of clothing and outdoor equipment was sold for approximately $290 million. This amount is less than what the previous owner paid; the company was bought in 2018, reports the industry portal Retail Gazette.
The acquisition of the Jack Wolfskin brand is expected to close within this quarter or possibly at the beginning of the next, states retailgazette.co.uk.
"This sale will allow us to increase our focus and optimise our resources on our core business," commented Chip Brewer, CEO and President of Topgolf Callaway Brands, the current owner of the Jack Wolfskin brand. Topgolf Callaway is primarily engaged in the production of golf equipment.
Anta Sports will pay approximately $290 million for the clothing and outdoor equipment manufacturer. Meanwhile, the American corporation Topgolf Callaway Brands bought the brand in 2018 for €418 million ($475 million).
Jack Wolfskin was founded in 1981 in Germany. Its distinctive wolf paw logo is one of the most recognizable in the outdoor industry.
"We believe Anta Sports will be a good steward of the iconic Jack Wolfskin brand and we thank our Jack Wolfskin employees who have worked diligently to right-size this business and prepare it for this next chapter," stated Brewer, as quoted by Retail Gazette.
The clothing and outdoor equipment manufacturer is expected to generate sales around €325 million ($369 million) in 2025, as forecasted by Topgolf Callaway Brands.
Anta Sports views the acquisition as a strategic component of its global growth strategy. The company, listed on the Hong Kong stock exchange, stated its intention to closely integrate Jack Wolfskin with its existing portfolio, writes the portal eulerpool.com.
