CPE acquires Mammut amid global buying spree

Chinese alternative asset manager CPE's recent acquisition of Swiss outdoor brand Mammut Sports Group AG highlights a growing trend: Chinese investors are increasingly buying global consumer brands.

Announced on July 30, the deal ends a three-year transformation period under Jacobs Capital, which acquired Mammut in 2021, and prepared the company for its next phase of growth.

During Jacobs' ownership, Mammut improved its financial performance significantly, the company said. Revenue grew at a double-digit compound annual rate, markets outside Europe accounted for more than half of sales, and operating profit margins more than doubled.

"We see substantial opportunities to continue growing the brand further internationally," CEO Heiko Schafer said. He added that CPE was selected as a long-term partner to support the company's global expansion while preserving the brand's heritage and identity.

For CPE, the acquisition adds another consumer brand to its growing portfolio. The China-based alternative asset manager has invested in companies including Mixue Group, Laopu Gold and Pop Mart, and earlier this year it acquired control of Burger King China.

The Mammut transaction is part of a broader wave of Chinese investment in international consumer names. Chinese-backed investors have recently taken stakes in or acquired brands including Italian luxury sneaker maker Golden Goose, audio equipment company Marshall, Blue Bottle Coffee's global cafe operations, Puma and Pizza Hut's Chinese mainland business.

The trend reflects a changing global consumer landscape. Many brands acquired by international private equity firms in previous investment cycles are now reaching exit periods, while multinational companies are selling non-core assets to focus on strategic priorities.

For Chinese investors, these acquisitions provide access to valuable assets: established brand heritage, loyal customers and premium market positioning.

China is expected to be a key growth engine for Mammut. The company's sales in the market increased 85 percent in 2023, 97 percent in 2024 and continued growing above 80 percent through 2025. By the end of 2025, Mammut operated 61 stores in China after adding 25 locations during the year, while online and offline channels expanded.

But the market is becoming increasingly competitive.

The outdoor industry in China has moved into a more mature stage, with global and domestic brands competing aggressively for consumers across price segments.

At the premium end, brands such as Arc'teryx, Mammut and Klattermusen are targeting affluent consumers drawn to technical performance and brand heritage. Anta Sports-owned Kolon Sport and Descente are expanding rapidly, while Jack Wolfskin continues to push into the mass market.

Domestic brands are also moving upward. Kailas has accelerated its premium strategy, while Camel and Peregrine maintain strong positions in more affordable segments. The result is a market crowded across high, mid and low price tiers, according to Cheng Weixiong, founder of Shanghai Liangqi Brand Management Co.

"The next phase for Mammut will depend on whether it can identify its strongest usage scenarios, create products that become cultural and commercial icons, and build a marketing and retail ecosystem tailored to China," Cheng said.

Mammut's presence in China entails several advantages: a long history in professional outdoor equipment, international recognition and a growing consumer base. But replicating the success of Arc'teryx, which has become one of the world's most influential premium outdoor brands, will require more than capital.

Arc'teryx built its position through technical innovation, strong product identity and a carefully managed brand ecosystem. For Mammut, the challenge will be translating its European heritage into a China-specific growth strategy while maintaining the authenticity valued by outdoor enthusiasts, according to Cheng.

wangzhuoqiong@chinadaily.com.cn