Another international premium outdoor brand is set to join the Chinese capital landscape.
Chinese private equity firm CPE Source Peak has signed a share purchase agreement with European private equity firm Jacobs Capital to fully acquire the Swiss outdoor brand Mammut, which has a history of over 160 years.
The agreement was signed on July 30, and the transaction is still subject to customary regulatory approvals, with completion expected in the coming months. The specific transaction amount has not been disclosed.
Mammut's previous ownership change occurred in 2021. At that time, Telemos Capital acquired Mammut from Swiss industrial group Conzzeta, with a disclosed enterprise value of approximately 230 million Swiss francs.
Telemos subsequently merged with the investment business of the Jacobs family to form Jacobs Capital, and Mammut moved into the latter's consumer brand investment portfolio.
Earlier this year, Bloomberg, citing sources, reported that Jacobs Capital was considering selling Mammut, seeking a price of over 500 million euros.
According to CPE Source Peak's announced plans, Mammut will continue to operate independently after the transaction is completed, with its Swiss headquarters, brand positioning, and technical heritage to be preserved.
CPE Source Peak intends to leverage its resources in the Chinese and Asian markets to help Mammut expand its distribution channels and consumer base.
Founded in 1862 and headquartered in Switzerland, Mammut's product range covers professional outdoor apparel, footwear, climbing equipment, ropes, and avalanche safety gear. Safety, technical performance, and Alpine heritage form its core brand positioning.
In China's outdoor consumer market, Arc'teryx, Mammut, and the Swedish brand Klättermusen are sometimes referred to by consumers as the "Bird, Elephant, and Mouse," giving rise to the saying "One Bird, Two Elephants, Three Mice."
However, in terms of actual business scale, Mammut is not yet on the same level as Arc'teryx.
According to data from former controlling shareholder Jacobs Capital, as cited by Swiss media Blick, Mammut's annual revenue is approximately 400 million Swiss francs, with double-digit growth in recent years. At recent exchange rates, this is equivalent to about 3.4 billion yuan.
In comparison, Arc'teryx's parent company, Amer Sports, reported technical apparel segment revenue of $2.856 billion in 2025, a 30% increase year-over-year.
There is also a gap in distribution coverage between the two brands in the Chinese market.
As of early 2026, Mammut operates 61 stores in mainland China, covering 21 provinces and municipalities. Except for direct-operated stores in Beijing, Shanghai, Shenzhen, and some outlet locations, the remaining stores operate under a brand licensing model.
In contrast, Arc'teryx has 79 direct-operated stores in Greater China. After entering the Amer Sports system, which included participation from Anta, the brand expanded its consumption scenarios from professional outdoor use to urban commuting, women's apparel, and footwear by strengthening flagship stores in core commercial areas, direct retail, and e-commerce channels.
This means that if CPE Source Peak hopes to replicate Arc'teryx's growth story in China, the focus cannot simply be on raising prices and opening stores. Instead, it needs to rebalance the professional outdoor heritage with mass-market expansion.
On one hand, it must preserve Mammut's professional image in climbing, safety equipment, and technical products. On the other hand, it needs to increase direct-operated channels, brand stores in core cities, and local digital operations, while boosting brand awareness through products and marketing more suitable for Asian consumers.
For CPE Source Peak, Mammut's advantages lie in its brand history, technical accumulation, and the Asian business which still has room for improvement. The challenge is that it faces a market where consumer education has already been completed by Arc'teryx, and where numerous competitors like Salomon, Descente, and Kailas have also gathered.
Whether it can convert its professional reputation into channel efficiency, brand premium, and sustained growth will depend on the capital investment, management team, and operational plan for the Chinese market after the transaction closes.
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