Xi Jinping steps out in US$700 parka, giving a boost to the stock price of Chinese-owned sportswear company
Article summary
President Xi Jinping’s choice of a cobalt blue parka to protect himself against the cold this week sharply boosted the stock price of the Chinese company that owns the garment’s Canadian manufacturer. Images of Xi keeping warm in the designer attire were splashed across news bulletins, but barely caused a ripple on social media because of the brand’s elite urban customer base. […] That was seen in southern Fujian province, where Anta and other domestic sportswear brands have their headquarters, as a presidential endorsement of local sportswear brands. […] The company was largely unknown outside China until 2019, when it bought Finland-based Amer Sports – owner of a portfolio of sportswear brands including Wilson, Salomon, Peak Performance, and Arc’teryx – for US$5.2 billion. It was one of the most significant acquisitions by a Chinese company of international sporting and outdoor equipment brands, and followed a flurry of deals by Chinese companies for international fashion and luxury companies, such as as Fosun’s acquisition of fashion house Lanvin , according to Jing Daily, a digital publication on luxury trends in China.
