On July 30, 2026, a Chinese private equity firm and a European counterpart signed a definitive agreement for the full acquisition of the Swiss premium outdoor brand Mammut Sports Group AG. The transaction is expected to close in the coming months, with financial details remaining undisclosed. While the official price was not revealed, market rumors have valued Mammut at up to 500 million euros (approximately 4.1 billion yuan), with other reports citing an enterprise value exceeding 460 million Swiss francs.
This marks the second time Chinese capital has acquired a top-tier international outdoor brand, following Anta Sports' 4.6-billion-euro purchase of Arc'teryx parent company Amer Sports in 2019. Mammut, Arc'teryx, and Haglöfs are collectively known as "one bird, two elephants, three rats" in outdoor circles. This acquisition means that two iconic global outdoor brands—Arc'teryx and Mammut—will now be managed by Chinese entities, Anta and CPE respectively, profoundly reshaping the competitive landscape of China's premium outdoor industry.
Transaction Analysis: From Two Ownership Changes in Five Years to Chinese Capital Entry
Mammut's story began in 1862 when Swiss craftsman Kaspar Tanner opened a small rope-making workshop in a town. Initially producing agricultural ropes, the company gradually shifted to developing climbing ropes as alpinism grew in popularity, embarking on its mountain equipment journey. Over 160 years, Mammut has evolved into a benchmark manufacturer of outdoor apparel and gear, covering professional clothing, footwear, climbing equipment, and avalanche safety gear, used in mountaineering, rock climbing, skiing, trail running, and hiking. Its sales network spans approximately 55 countries, reaching global consumers through direct stores, digital channels, and premium retail partners.
Before this deal, Mammut had undergone several ownership changes. In 2021, European private equity firm Telemos Capital acquired it from Swiss industrial group Conzzeta for about 218 million Swiss francs (approximately 1.7 billion yuan). Shortly after, Telemos Capital merged with the family consortium controlling Swiss chocolate giant Barry Callebaut to form a new entity, Jacobs Capital, bringing Mammut under its umbrella. After holding it for about five years, Jacobs Capital initiated a sale process in early 2026, with market rumors valuing Mammut at over 500 million euros, more than double the purchase price.
The bidding roster was impressive. Anta Group was initially seen as the top contender—having already added Arc'teryx, Salomon, Descente, and Kolon from Amer Sports, and fully acquired German outdoor brand Jack Wolfskin in 2025. Mammut's strengths in softshells and complete alpine climbing gear seemed to fill a gap in Anta's brand matrix. Additionally, several international sports giants and consumer-focused PE funds were eyeing the deal. Ultimately, CPE emerged victorious from the intense competition.
From a price perspective, the 500-million-euro valuation exceeds Anta's 290-million-U.S. dollar purchase of Jack Wolfskin and is higher than market rumors of at least 129 million U.S. dollars for Lane Capital's acquisition of Haglöfs. This price reflects strong market recognition of Mammut's brand value. CPE's ability to outbid rivals, including Anta, demonstrates its financial strength and execution capabilities as a leading Chinese private equity institution.
Founded in 2008, CPE is an asset management firm based in China with a global outlook, managing over 100 billion yuan in assets (cumulative AUM exceeding 150 billion yuan). Its investments span AI, advanced manufacturing, consumer, healthcare, and infrastructure. In the consumer sector, CPE has invested in Burger King China, Mixue Bingcheng, Shark Ninja, Midea Group, Pop Mart, Dulwich International School, Laopu Gold, Beautiful Garden, Giant Biogene, and Shiyu Hair Care. Notably, Mixue Group, Laopu Gold, and Pop Mart, with their soaring stock prices and market caps exceeding 100 billion yuan, have been dubbed the "Hong Kong stock triple sisters" in the consumer sector.
In February this year, CPE completed a controlling stake in Burger King China, holding approximately 83% with an initial investment of 350 million U.S. dollars, aiming to expand the store count from about 1,250 to over 4,000 by 2035. Earlier this year, CPE also opened an office in London, strengthening its European presence. These moves indicate that CPE is accelerating its global investment strategy, with the Mammut acquisition being its most iconic move yet.
Strategic Outlook: From Brand Preservation to Growth Leverage
The strategic significance of CPE's acquisition of Mammut can be viewed from multiple dimensions. First, it represents a key step in Chinese capital's deepening布局 in the global outdoor consumer sector. From Anta's purchase of Arc'teryx parent Amer Sports to Anta's stake in Puma, and now CPE's acquisition of Mammut, Chinese capital is systematically acquiring international top-tier sports and outdoor brands. This trend is driven by the explosive growth of China's outdoor sports market. Data shows that over 400 million people participate in outdoor sports in China, driving an upstream and downstream supply chain scale exceeding 1.44 trillion yuan. The outdoor footwear and apparel market maintains a compound annual growth rate of over 15%, with the market size expected to approach 200 billion yuan by 2030. China's sportswear market reached 598.6 billion yuan in 2025, forecast to grow to 896.3 billion yuan by 2030. Driven by policy, consumption upgrades, and changing attitudes, outdoor sports are shifting from niche experiences to a mainstream lifestyle. For Chinese capital with experience in operating global top brands, introducing international brands into this high-growth market is a logical strategic choice.
Second, CPE's investment logic aligns closely with Mammut's current brand status. Mammut has been relatively conservative in its Asian market channel布局, while CPE has deep industrial resources and channel networks in China and the Asia-Pacific region. CPE Managing Director Mao Wei stated that the firm will work with Mammut's management team to empower the brand through product adaptation, brand operations, channel布局, and supply chain upgrades, accelerating growth in high-potential markets. CPE emphasized that it will fully preserve and inherit Mammut's century-old brand genes while helping the company achieve faster growth globally, especially in Asia and China.
Jacobs Capital Co-Chairman and Founder Philippe Jacobs noted that CPE is an ideal partner to support Mammut's continued international growth while maintaining its unique Swiss heritage. Mammut CEO Heiko Schäfer said, "We believe CPE is the right partner—and one that will preserve the values, heritage, and identity that make Mammut unique." These statements indicate consensus between the parties on brand independence and Swiss heritage. Under the agreement, Mammut's headquarters and core functions like design and R&D will remain in Seon and Lenzburg, Switzerland.
However, challenges remain. Balancing high-end brand positioning and Swiss precision craftsmanship with scale expansion and market penetration is a core issue for CPE. Arc'teryx's success under Anta—transitioning from a niche professional brand to a "mass affluent hit"—provides a template, but differences exist. Anta, an industrial capital, has rich brand operation experience and mature supply chains, while CPE is a financial investor. Despite its consumer investment experience, operating a controlling stake in a 160-year-old international brand places higher demands on its post-investment management capabilities.
Mammut currently generates annual revenue of about 400 million Swiss francs (approximately 3.3 billion yuan), achieving double-digit annual growth under Jacobs Capital. Sustaining high growth on this base, while navigating external uncertainties like increased competition and changing consumer preferences, tests CPE's strategic resolve and execution efficiency.
Overall, CPE's acquisition of Mammut represents a major布局 by Chinese capital in the global outdoor consumer sector. This deal will not only accelerate Mammut's growth in Asia but also reshape the competitive landscape of China's premium outdoor industry. From Anta's acquisition of Arc'teryx to CPE's purchase of Mammut, Chinese capital is moving from "world factory" to "global player," and Mammut's next chapter will be written by a Chinese operator.
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