How Chinese Capital Is Reshaping the Global Sports Brand

In recent years, “Chinese capital” has emerged as a force to be reckoned with in the global fashion and sports industry. Driven by domestic consumption upgrades, maturing industrial chains, and a growing willingness among Chinese companies to go global, Chinese enterprises are expanding into overseas markets in various ways—from apparel to professional sports equipment, and from regional operating rights to global equity holdings. This shift not only reflects a change in market strategy but also signals the transformation of Chinese companies from “participants” to “leaders.”

I. Industry Evolution: From “Bringing In” to “Going Global”

The overseas expansion of Chinese sports brands has undergone a gradual evolution. The early stage focused on acquiring regional operating rights, aiming to quickly fill gaps in the domestic high-end sports market. Subsequently, the strategic logic shifted toward global equity acquisitions, with goals expanding beyond simply bringing brands into China to gaining control over global assets and distribution networks.

In recent years, Chinese companies have placed greater emphasis on long-term synergy and global integration. Through multi-brand strategies, they have formed an orderly division of labor across brand structures and value chains—some brands focus on brand image and premium positioning, while others emphasize scale and turnover, optimizing resource allocation efficiency within a unified production and supply system. At the same time, the existing strengths of Chinese companies in manufacturing and supply chain management are beginning to be exported to overseas assets. For acquired brands, Chinese shareholders often bring quantifiable improvements in lead times, inventory management, and procurement costs.

II. Sports Brands Involving Chinese Capital

In recent years, Chinese sports brands have significantly accelerated their overseas investment pace. Below are typical cases from previous years:

Beyond the brands listed above, Anta Group’s international path stands out as particularly typical. Since acquiring the trademark and operating rights in China of the Italian high-end sports brand FILA in 2009, Anta successfully revitalized the brand—FILA’s revenue exceeded RMB 21.8 billion in 2021, becoming the group’s second growth engine.

An even greater turning point came in 2019 when Anta, together with FountainVest Partners, Tencent, and other investors, formed a consortium to acquire Finnish sports giant Amer Sports for €4.6 billion, bringing world-class brands such as Arc’teryx, Salomon, and Wilson under its umbrella. In February 2024, Amer Sports was listed on the New York Stock Exchange, a move widely regarded as a typical success story of Chinese sports brands “going global.” 

In January 2026, Anta made another major move—acquiring a 29.06% stake in PUMA for €1.506 billion, becoming its largest single shareholder. The acquisition was completed through a combination of equity subscription and secondary market purchases, reflecting Anta’s approach of seeking deep cooperation with established European brands rather than simple control. Industry observers generally believe that this deal not only elevates Anta’s global footprint to a new level but also positively impacts the international image of Chinese sports brands. Some analysts suggest that Anta may leverage its strong supply chain management and market resources in China to help PUMA optimize its cost structure and accelerate growth in the Asian market. At the macro level, this acquisition signals that Chinese sports industry capital is transitioning from being a “learner” to an “enabler.” The market has also responded positively to such acquisitions. Following the announcement of Anta’s acquisition of PUMA, capital markets reacted strongly—PUMA’s share price rebounded sharply on the day of the announcement (January 26, Germany time), surging 16.92%. Subsequently, after the release of its fiscal year 2025 results, despite reporting losses, the market remained optimistic about the prospects under Anta’s stewardship, with the share price still rising approximately 10%.

III. The Evolving Legal Demands Behind Capital Going Global

The escalation and acceleration of Chinese capital acquisitions have also imposed higher demands on law firms across various jurisdictions. In the past, the role of law firms was mostly focused on deal facilitation and document execution. Today, as cross-border M&A structures become increasingly complex, law firms need to possess multiple capabilities simultaneously, including international investment and financing structuring, tax planning, antitrust review, and intellectual property compliance. For instance, Anta’s acquisition of Amer Sports involved coordinating across multiple legal frameworks, including Finnish acquisition law, Cayman Islands holding company structures, and Hong Kong listing rules.

Furthermore, post-acquisition integration also requires legal support—issues such as brand organizational restructuring, renegotiation of supply chain contracts, clarification of intellectual property ownership, and navigating foreign investment reviews are increasingly common. As Chinese capital accelerates its overseas expansion, the focus of legal services is shifting from single-project execution to the development of long-term international support systems, particularly in key areas such as investment and financing, cross-border transactions, and compliance management. This extension of professional service capabilities is becoming an important soft power supporting the globalization of China’s fashion and sports industries.