Anta’s Core Label Slows in 2025 as Fila and Other Labels Pick up the Pace

Why It Matters

Anta’s diversification cushions slowing core‑brand sales and positions the group for premium growth and global expansion, signaling a strategic shift for China’s largest sportswear maker.

Key Takeaways

• Anta revenue up 13.3% to $11.6 billion.
• Core Anta brand growth slowed to 3.7%.
• Fila revenue rose 6.9% to $4.1 billion.
• Other brands surged 59.2%, now 21% of sales.
• Anta to acquire 29% Puma for $1.7 billion.

Pulse Analysis

Anta’s 2025 financials underscore how a multi‑brand strategy can offset weakness in a flagship line. While the Anta label barely grew, the company leveraged Fila’s premium positioning and a suite of niche labels to deliver double‑digit revenue gains. This portfolio approach not only broadened the revenue base but also lifted overall operating margins, demonstrating that scale alone is insufficient without brand differentiation in China’s crowded sportswear market.

Chinese consumer sentiment has been volatile, with warmer weather and aggressive Singles’ Day promotions eroding mass‑market demand. Premium segments, however, have shown resilience, allowing Fila and other higher‑end labels to capture incremental spend. The 59.2% jump in sales from smaller brands reflects Anta’s success in targeting niche demographics and capitalising on trends such as athleisure and lifestyle apparel, which command higher margins than traditional mass‑market products.

Looking ahead, Anta’s $1.7 billion investment in Puma signals an ambition to accelerate overseas exposure and tap into global brand equity. Combined with a robust cash position of $4.6 billion, the group is well‑placed to fund further acquisitions, product innovation, and expansion into new markets. Investors are likely to view the diversified revenue mix and strategic stake in Puma as catalysts for sustained growth, even as domestic retail conditions temper in the latter half of the year.