Acquisition of MAIA ACTIVE
Anta Sports (2020.HK) Acquisition of MAIA ACTIVE
- Anta Sports (2020.HK) to acquire 75.13% of MAIA ACTIVE, a premium women’s sportswear brand specializing in yoga apparel based in Shanghai
- Expect limited financial impact given relatively small operating scale of MAIA ACTIVE
- Yet the inclusion of a yoga specialized brand should help strengthen Anta’s product proposition to the affluent female customers in the longer run. Maintain BUY
Anta Sports (2020.HK) has acquired a 75.13% stake in MAIA ACTIVE, a premium women’s sportswear brand specializing in yoga apparel, at an undisclosed price. The remaining stakeholders have also been granted the right to sell their remaining equity interest to Anta at agreed-upon pricing terms. MAIA ACTIVE was founded in Shanghai in 2016, focusing on the premium yoga sports category. The company places a strong emphasis on comfort in its products, avoiding undergarments with wires or tight fits. They have developed products tailored to Asian climates in collaboration with Lycra, NILIT, and Invista. Notable best-selling products include “Waist Expert Leggings” and “High-Strength Steady Bra.”
It appears that the company’s sales channels align with Anta’s, primarily centered around direct-to-consumer (DTC) sales through social media and online channels. The company operates approximately 36 stores. Their product range spans from RMB 300 to RMB 500, with outerwear prices exceeding RMB 2000. According to news sources, the company achieved sales exceeding RMB 300 million in 2021, reflecting a remarkable year-on-year growth of 166% (Source: 36kr). MAIA ACTIVE ranks among the top 10 sportswear brands in terms of sales on Tmall. MAIA ACTIVE has completed four rounds of fundraising, with investors including Sequoia, Huaren Cultural Investments, Huachuang, and Belle Int’l. While Anta has not disclosed the acquisition amount, we anticipate that it will have a limited impact on earnings. However, we expect this acquisition to enhance the Group’s brand portfolio in the female apparel category and expand its customer base. Our previous rating remains as BUY, with a target price of HK$130.