Tencent and Founder of Lululemon Rumored to Join Anta's Buyout of Amer; No Change in FVE
Though details are sparse, we view the recent news reports that wide-moat Tencent and Chip Wilson (founder and former CEO of narrow-moat Lululemon) are considering joining narrow-moat Anta’s acquisition of Amer Sports as a compelling partnership that opens post-acquisition Anta up to numerous domestic and international opportunities. Instead of diving into China’s sportswear business themselves, Tencent's and Wilson’s intentions of taking minority stakes in the consortium strikes us as both part...ANTA Sports Products is principally engaged in the manufacturing, trading and distribution of sporting goods, including footwear, apparel and accessories, in the People's Republic of China. As of Dec 31 2014, there were 7,662 ANTA Stores, 1,228 Kids sportswear series stores and 519 FILA stores in China, Hong Kong and Macao.
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