Puma: The Anta optionality & the Fila case study

研报英文原文证据摘录

Puma: The Anta optionality & the Fila case study

and execution can be

reinvigorated to win consumer favour and support topline growth.

• The key benefits of Anta’s involvement are 1) knowledge of the Chinese consumer, and 2) access to Anta’s

distribution network.

• Anta brings to Puma a strong knowledge of the Chinese consumer and can therefore translate this into better

brand positioning. The Chinese consumer differs greatly in shopping behaviour and purchasing preferences, which

global sportswear players can often struggle to adapt to. Meanwhile, the Chinese sportswear market sees faster fashion

cycles, stronger digital influences and a more local cultural preference compared to Western markets, and we think that

Anta is well-placed to help Puma adapt its assortment/product offering to be more relevant to the consumer. Plus we

think Anta can help execute on more effective marketing strategies to reach its target audience and effectively position

the brand within the mass-premium market to insulate it from local competition.

• Anta offers Puma access to a developed distribution network and capabilities which will support improved

efficiency and therefore margin expansion. Anta already has well-established supply chains, logistics and inventory

management systems in place which Puma can leverage to reach customers as well as benefit from being more agile/

reactive to emerging trends through better access to consumer data. We think this would be especially the case in lower

tier cities where Puma would be underpenetrated in and can therefore capitalize on to broaden its reach .

• We think the deal ultimately helps reposition Puma’s story from being a struggling #12 brand, to a recovery name with a new

growth avenue in China.