Anta's market value is now twice that of Hummer, and it is the latter's largest shareholder. The price is already less than RMB 20 billion. Anta, your heart?
The rumors that Anta intends to acquire Hummer have long been nothing new. When Anta held an interim performance briefing in August last year, Ding Shizhong specifically clarified this
Very old news, "There are rumors that we have various opportunities for acquisition. I don't know how to come. We are very actively watching the development of Anta.
opportunity. â€
However, he did not completely deny that "mergers and acquisitions must meet our brand strategy and scale can be explored to our current funding and strength.
If you have the opportunity, it will surprise you. â€
Now the opportunity has come.
A good opportunity for the acquisition of Hummer came. Will Anta be the Mr. Right?
On Thursday, the Karma Group, a French luxury goods group of Puma's parent company, announced that it plans to split its German sports brand, Puma, in order to better focus on luxury.
Business.
In April 2007, Kaiyun Group obtained 27.1% control of Hummer through the transfer of US retail group Redcats USA, and will increase its holdings after that.
Add to 86%, costing 5.3 billion euros.
Now, Kaiyun Group plans to allocate 70% of the Hummer shares to shareholders. "Assigning the shares of Hummer to our shareholders will be the history of the group.
An important milestone means that in the future Kaiyun will devote its full attention to the development of the luxury sector,†said François, CEO and CEO of Kaiyun.
Henri Pinault said. Known as "Little Pino," he announced his withdrawal from Puma's board of directors in April last year, when Puma's stock price rose by 5%.
A good opportunity for the acquisition of Hummer came. Will Anta be the Mr. Right?
â–² Kaiyun Group should focus more on the luxury goods business.
As a result, the Pino family holding company Artémis, which holds 40.9% of Kaiyun shares, will become a “long-term strategic shareholder†of Hummer, holding approximately 29% of the shares;
The Kaiyun Group will continue to hold 16% of the shares in Hummer; the number of free-flowing Hummers will increase to around 55%. This makes it easier for investors to invest in Hummer
. In short, becoming the largest shareholder of Hummer, the cost paid can be much lower than before.
Jean-Marc Duplaix, chief financial officer of Kaiyun Group, said that Kaiyun retained part of Hummer’s shares and wanted to obtain a recovery from this brand.
These benefits, because Kaiyun won't receive cash benefits from Hummer's transactions in the future.
This proposal from Kaiyun will be submitted to shareholders for voting at the company's annual meeting in April. According to the British "Financial Times" report, Hummer said that Huan
Welcome transaction, but this will not affect Hummer's current strategy.
In response, Sloth Bear Sports’ response from Kaiyun China is: “About Hummer, the headquarters will not comment.â€
“We believe this is a milestone achievement of Kaiyun, and it is also the progress that Kaiyun has made in consolidating the status of the luxury goods industry and rationalizing its business.
The quicker it will be, the better the stock price for Kaiyun is,†wrote Luca Solca, head of the Luxury Department at BNP Paribas Securities.
After the announcement of the release of Hummer on Kaiyun last Thursday, Hummer's stock price fell by 4.4%, and Kaiyun's stock price fell by nearly 1%. However, in the long run, stripping Hummer, right?
Kaiyun is a good thing.
In the first half of 2017, Hummer’s revenue accounted for more than a quarter of the total revenue of Kaiyun, but only contributed 9% of its profits. In contrast, another of Kaiyun’s
Brand Gucci's revenue accounted for about one-third of the total, and its profit was as high as 66% of total profit.
On the other hand, in the past ten years, Hummer's stock price has only risen by 2%. Now that the value of Hummer has returned to its peak, selling is a good choice.
Citibank analyst Thomas Chauvet and a HSBC bank report pointed out that it is now the best time to sell, and it is expected that Kaiyun Group will soon
Completed the sale of Hummer this year. Last year, Pepino said in an interview with the Financial Times that Puma’s control will be retained until at least 2018
Stock equity. This means that Kaiyun started to think about Hummer’s way out very early.
Since the acquisition of Hummer by Kaiyun in 2007, the performance of Hummer has not been satisfactory. In 2009, its share price once fell by nearly two-thirds. In 2013, Bjorn
Gulden stepped in as CEO of Hummer, refocusing his strategy on core sports business.
At the end of 2014, Rihanna started as a spokeswoman for the Hummer and a series of creative directors for women. More than a year later, Rihanna's Fenty X Puma by
The Rihanna series went on New York Fashion Week, and then the SS17 series swept through Paris Fashion Week. The two appearances for Hummer won a lot on social networks
Exposure and good word of mouth. (Extensive Reading: Which stars have exploded the highest-selling sports products in 2016, where cross-border cooperation is prevalent?)
In hot weather, Hummer signed Kylie Jenner and R&B singer The Weeknd.
A good opportunity for the acquisition of Hummer came. Will Anta be the Mr. Right?
â–² Rihanna helps Hummer to reverse.
What Chinese consumers are more familiar with is a large number of celebrity spokespersons for Hummer in China, including Liu Wen, Yang Yang, Liu Ranran, and Zhang Yuxi. (extension review)
Read: Wang Junkai, Li Yuchun ... Nike also in entertainment stars "staking their claims"? )
After four years of implementation of these transformation strategies, Hummer's stock price finally rose by 45% last year and rose to 330 euros, which is equal to the price of Kaiyun’s acquisition in 2007.
It once soared to 385 euros.
Throughout the first half of last year, Hummer's performance was very bright - revenue rose 16% to 1.974 billion euros, gross margin rose 60 benchmark points to 46.8% per
Earnings rose from 1.84 euros to 4.79 euros. Hummer will announce its 2017 annual results in mid-February. In 2017, Hummer has raised sales expectations three times
.
It can be said that in the era of mobile Internet, Hummer has seized the trend of retro fashion, and has launched an overwhelming marketing campaign on social networks with entertainment star resources.
This strategy was a great success.
In the field of competition, currently, football and running are the two main categories of Hummer. In the second quarter of last year, Hummer’s footwear products performed well and the income was as high as
463 million euros, a year-on-year increase of 28.5%. Last month, Hummer launched JAMMING, an innovative technology, to increase the number of running shoes under the fashion movement.
.
Hummer has made great use of Bolt. After the Jamaican trapeze was retired, Hamma became an AC Milan sponsor in the overweight soccer field. Plus Arsenal
Dortmund, the Italian national team, and international sports resources in the hands of Hummer are still important.
Therefore, after Kaiyun Group decided to allocate Puma shares to shareholders, Puma's price and value have undergone a new change. For potential buyers,
Being able to afford it and buy it usefully is the two key factors that form the final judgment.
The acquisition of Hummer is not difficult for the two giants Nike and Adidas, but it can bring limited value to them. From the current situation, the real
It is very likely that the next family will come from Asia.
“Chinese interest in fitness has increased sales and sales prospects for sports and lifestyle companies. Possible bidders include Anta and other Chinese sports brands.
And the American apparel group like PVH, PE, but I don't think it's possible for the latter to pay the highest price," Luca Solca predicted last year.
Of the many candidate buyers, Anta is naturally the most likely one. This is closely related to Anta's current strength and future strategy. (Delayed
Exhibition Reading: Ten Years of Listing, Anta Evolution
Currently, the market value of Hummer is more than 5 billion euros. However, the market value of Anta has doubled in the past year, which is in stark contrast to the former's ten-year history.
After an initial breakthrough of 100 billion Hong Kong dollars, Anta's market value is about 2 times that of Hummer. During this shift, Anta buys Hummer, it is no longer a "snapping elephant"
".
A good opportunity for the acquisition of Hummer came. Will Anta be the Mr. Right?
â–² In the past ten years, ANTA's share price has increased by nearly 400%, and Hummer has only increased by 2%.
From the perspective of capital reserves, the 2017 semi-annual report shows that the net cash held by Anta is as high as RMB 10.31 billion, which has become the subject of the controlling shareholders of Puma.
Looking ahead, it will not exceed 20 billion yuan. Today's Anta has enough strength.
More importantly, Anta has successfully emerged a multi-brand road and made it an important strategic direction for future development. Hummer can fill it up.
Vacancy in global market operations.
A good opportunity for the acquisition of Hummer came. Will Anta be the Mr. Right?
â–² Anta's multi-brand strategy reached stage 4.0, and globalization became the next step.
In 2009, Anta acquired the Chinese business of the Italian brand FILA from Belle International. Unlike the case of Hummer today, FILA was not at Belle.
It's hot in the foothills. However, ANTA completed the acquisition in three months. After years of investment, Anta saw a return. In the first half of 2017, FILA
Revenue reached 2 billion yuan. If the annual growth rate is maintained at 50%, FILA's sales in 2017 will reach 5 billion yuan.
“The only real way to cover a variety of brands and channels now is to have only Anta in the apparel industry. No one else. We can start from high-end Shin Kong days.
Until the city above the county level, this is competitiveness,†said Ding Shizhong in an interview with lazy bear sports. Obviously, he wants to consolidate ANTA.
The leading edge.
On October 20 last year, Anta announced the acquisition of Xiao Xiaoniu, a children's wear brand in Hong Kong, and expanded its children's apparel business to the high-end market. One day later, Anta again
Announcing the establishment of a joint venture between ANKO, a subsidiary company and Korean outdoor brand Kelon.
Together with the former Japanese brand De Sants and the British brand Splander, Anta continues to complement the brand matrix.
“The collection of these brand lines is the first step of the ANTA Multi-brand 4.0 strategy and should have just begun. We also look forward to more outstanding in the future.
The brand has joined the Anta family,†said An Ling, the vice president of Anta, when she was interviewed by a sloth bear sport last month.
However, Anta’s ambition is not limited to the number of multi-brands. To achieve the long-term goal of RMB 100 billion in revenue in the future, it is necessary to establish a global layout and gradually open up.
international market. Li Ling said that Anta has three major positions in 2018: specialization, high quality, and internationalization.
Among Anta's existing brands, Disangte is taking the high-end professional route. FILA and Kollon are able to meet the demand for high-quality products.
The Chinese mainland market has completed the coverage of various price levels and classes. However, looking at the international market, Anta still lacks global sports resources and
The global market share brand operation experience, from this perspective, Hummer is probably the most appropriate candidate for the moment. In addition, Hummer has been in fashion in recent years.
The success of retro style and entertainment marketing resources is also a powerful complement to Anta's future development.
Rothschild and the British investment bank d'Angelin&Co are currently helping Kaiyun, and Hummer is working with JP Morgan.
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