American sporting goods giant Callaway has sold German outdoor brand Jack Wolfskin to Chinese group Anta Sports for 290 million dollars (260 million euros).
Significant loss
Callaway had only acquired Jack Wolfskin in 2019, but is now selling the outdoor brand at a significant loss: the golf equipment specialist paid 476 million dollars to a group of financial investors at the time. The sale should allow Callaway wants to sharpen its focus on its core activities , its CEO Chip Brewer said.
For Anta Sports, one of China’s largest sports manufacturers, it is a new step on the European market. The group previously acquired Finnish Amer Sports (which owns brands like Arc’teryx, Salomon and Wilson). The transaction fits into a broader trend in which Chinese companies are acquiring European brands to realise economies of scale and international growth.
Jack Wolfskin aims for a turnover of 325 million euros turnover and an AEBITDA of 12 million euros this year. An agreement still has to be approved by the competition authorities. The takeover should be completed by the end of the second quarter or the beginning of the third quarter.
