(Yicai) April 11 -- Anta Sports Products has agreed to acquire Jack Wolfskin for USD290 million, the latest step in the Chinese sportswear giant’s international expansion.

Anta will buy the German outdoor clothing, footwear, and equipment brand from Topgolf Callaway Brands in an all-cash deal, the two companies said in separate statements yesterday.

Established in 1981, Jack Wolfskin has changed hands several times in the past two decades, with Topgolf Callaway acquiring it at the end of 2018 for EUR418 million (USD473 million). As of this January, the brand had more than 4,000 retail shops and 495 flagship stores worldwide, of which 226 were in Europe and 269 in Asia.

The purchase will help Anta promote its globalization strategy and secure unique material technologies and an experienced engineering design team to further enhance its competitiveness in the outdoor sports domain, the Fujian province-based buyer noted.

"We believe Anta will be a good steward of the iconic Jack Wolfskin brand," said Chip Brewer, president and chief executive of Topgolf Callaway.

The transaction, which is expected to be completed in the late second quarter or early third quarter of this year, is subject to customary closing conditions, such as regulatory approvals, the pair added.

Jack Wolfskin entered the Chinese market in 2007. When the brand was sold by its previous owner to Topgolf Callaway, 52 percent of its sales were in Germany, Austria, and Switzerland, and 21 percent in China.

According to Topgolf Callaway's latest annual earnings report, Jack Wolfskin performed very well in the Chinese market in 2023, with plans to continue focusing on China in the future.

Editor: Futura Costaglione