The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The Chinese sportswear giant announced plans for the first Fila-branded hotel, dubbed Fila House, in Shanghai in conjunction with Hyatt Group.
The hotel is expected to open in 2024 as a part of Anta’s new Shanghai headquarters. The group acquired the Italian brand’s China business in 2009. Fila contributed almost 20 billion yuan ($3.17 billion) revenue to the Anta Sports group in its latest quarter with a year-on-year growth rate of over 25 percent.
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The World’s Third Largest Sportswear Company May Surprise You
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In sportswear, only Nike and Adidas have a higher market cap than Chinese giant Anta. Having surpassed other international rivals in China, the ambitious group now aims to go global.
Chinese e-commerce giants Alibaba and JD.com have faced increasing competition in recent years from low-cost platforms, such as PDD Holding’s Pinduoduo and ByteDance-owned Douyin.
With consumers tightening their belts in China, the battle between global fast fashion brands and local high street giants has intensified.
Investors are bracing for a steep slowdown in luxury sales when luxury companies report their first quarter results, reflecting lacklustre Chinese demand.
The French beauty giant’s two latest deals are part of a wider M&A push by global players to capture a larger slice of the China market, targeting buzzy high-end brands that offer products with distinctive Chinese elements.