The shoe has dropped. Sources from the investment community tell us that on July 30, CPE Yuanfeng formally signed a share purchase agreement with European private equity firm Jacobs Capital to acquire Mammut Sports Group AG (hereinafter “Mammut”) in its entirety. The transaction is expected to close in the coming months. As a globally renowned high-end outdoor brand, Mammut is a direct competitor to Arc’teryx.
“We will work closely with Mammut’s management team to fully empower the company across multiple dimensions—product adaptation, brand operations, channel, supply chain upgrades—to accelerate growth in high-potential markets,” said Mao Wei, Managing Director at CPE Yuanfeng. Upon completion of the acquisition, CPE Yuanfeng will help Mammut achieve faster growth globally, particularly in Asia and the Chinese market.
This scene inevitably recalls Anta’s acquisition of Arc’teryx—that buyout remains a classic case in the consumer sector to this day. Now, after a century-long journey, Mammut too has found a Chinese steward. Perhaps the next must-have premium item for China’s middle class is on its way.
1. CPE Yuanfeng Steers Chinese Capital to Buy Mammut
To be sure, Mammut has changed hands several times. This marks the second ownership change in five years for the century-old outdoor brand. In 2021, European private equity firm Telemos Capital bought it from Swiss industrial group Conzzeta for about CHF 218 million (roughly RMB 1.7 billion). Shortly thereafter, Telemos Capital merged with the family consortium that controls Swiss chocolate giant Barry Callebaut to form a new entity—Jacobs Capital—and Mammut came under its umbrella.
After holding it for about five years, Jacobs Capital initiated a sale process in early 2026. At the time, market chatter valued the brand at over €500 million (about RMB 4 billion), more than double its purchase price. Once the sale news broke, rumors swirled that Anta would be the buyer. That speculation was understandable: Anta had already acquired Arc’teryx and Salomon under Amer Sports, as well as Descente and Kolon, and in 2025 it fully acquired German outdoor brand Jack Wolfskin. Mammut’s strengths lie in soft-shell apparel and full mountain climbing gear, seemingly a perfect fit to complete Anta’s brand matrix.
But the eventual buyer turned out to be CPE Yuanfeng. Rooted in China with a global vision, CPE Yuanfeng has spent eighteen years in the consumer sector, building deep industry insights and industrial resources, helping local brands go global while also enabling international brands to deepen their presence in China. With cumulative AUM exceeding RMB 150 billion, CPE Yuanfeng has mature experience in both growth-stage and control investments, with its portfolio extending to AI, advanced manufacturing, healthcare, infrastructure, and other diverse fields, accompanying leading companies across sectors toward long-term sustainable growth.
Earlier this year, CPE Yuanfeng opened an office in London, further strengthening its business presence in Europe—a move that presaged this acquisition of Mammut. Mao Wei, Managing Director at CPE Yuanfeng, commented: “We are deeply honored and cherish the opportunity to become the new steward and companion of Mammut, a classic Swiss outdoor brand with a heritage of over 160 years. CPE Yuanfeng looks forward to working hand in hand with the entire Mammut team to take the brand’s development to new heights, building on its existing success.”
The transaction remains subject to customary regulatory approvals and closing conditions, with completion expected in the coming months. Specific financial details have not been disclosed.
2. Arc’teryx’s Rival – Shell Jackets Starting at Over a Thousand Yuan
Mammut’s story began 164 years ago. In 1862, Swiss craftsman Kaspar Tanner opened a small rope-making workshop in a town. Initially, he made agricultural ropes for local farmers and craftsmen. As mountaineering gained popularity, the workshop pivoted to developing climbing ropes, setting foot on the path of mountain equipment. By the 1950s, the company launched its first glacier rope made of nylon yarn and officially branded itself as Mammut—symbolizing strength and tenacity—shifting its business focus entirely to professional ropes for climbing and sailing. The iconic red mammoth-head logo was born at that time.
The turning point came in 1978, when Mammut introduced its first shell jackets and pants using Gore-Tex fabric, ushering in the era of waterproof and breathable outdoor apparel. Since then, the product line expanded from ropes to a full range of outdoor gear including clothing, footwear, backpacks, sleeping bags, and more, and the business grew increasingly large.
Yet what truly cemented Mammut’s status in the industry was an innovation in 1984. That year, Mammut’s product managers recognized the unique advantages of two-way stretch fabrics. They led the team to combine Schoeller® materials with Lycra® fabric to create the world’s first soft-shell pants. Before that, outdoor clothing choices were simple: either hard-shell—windproof and waterproof but stiff—or fleece—warm and breathable but not wind-resistant. Mammut’s soft-shell filled that gap perfectly, quickly becoming a hit and earning the brand the title of “godfather of soft-shell.”
In 2003, the company was officially renamed Mammut Sports Group AG and expanded its footprint through a series of acquisitions, growing step by step from that small rope workshop into a full-category outdoor brand covering climbing, mountaineering, skiing, trail running, and hiking, with a sales network reaching about 55 countries worldwide.
Despite its long history, Mammut did not formally enter the Chinese market until 2013. In China’s outdoor circle, it is often grouped with Arc’teryx and Klättermusen as “one bird, two elephants, three mice.” Among professional enthusiasts, each has its own revered status, and the saying “hard-shell Arc’teryx, soft-shell Mammut” still circulates today.
But in its early years in China, Mammut struggled, suffering from “cultural indigestion”: management turmoil, store closures, and lackluster e-commerce operations. During that same period, its old rival Arc’teryx—whose parent company Amer Sports was acquired by the Anta Group—underwent the largest cross-border acquisition in Chinese sporting goods history. With Anta at the helm, Arc’teryx quickly broke out of its niche, turning its shell jackets into social currency for China’s middle class; Salomon, also under Amer, followed suit and gained popularity.
By contrast, Mammut’s brand awareness and sales scale lagged somewhat, until recent years when it began to pick up in China. Public data shows that during the strategic restructuring period from 2021 to 2023, Mammut China posted three consecutive years of positive growth, with sales surging 85% year-on-year in 2023, climbing to 97% in 2024, and still maintaining over 80% growth in 2025. Its store count expanded from a handful to 61, with locations in Beijing SKP, Shanghai Kerry Centre, Chengdu Taikoo Li, and Shenzhen MixC.
The most intuitive signal for the general public may be pricing. On Mammut’s Tmall flagship store, the best-selling soft-shell jacket retails at around RMB 1,500, while Arc’teryx products in a similar positioning are generally priced noticeably higher. Now that it has been acquired by a Chinese PE firm, will Mammut become the next Arc’teryx? A new chapter has begun.
3. Signs of Bottom-Fishing – Buying When Consumer Sector Is Out of Favor
This presents a stark contrast: consumer investment has visibly entered a cooling cycle, even reaching a point where few are paying attention to the sector—yet one blockbuster deal after another keeps surfacing. Recently, consumer M&A has been dizzyingly.
The most sensational was Starbucks’ strategic partnership with Boyu Capital, selling a 60% controlling stake in its China business at a total price of $4 billion. Right on its heels, CPE Yuanfeng and RBI Group announced a joint venture for “Burger King China,” with CPE Yuanfeng holding an 83% stake. Other deals include: Sequoia China acquiring a majority stake in Italian luxury casual footwear brand Golden Goose, and also buying Marshall, famed for its classic guitar amplifiers; DCP Capital taking over Blue Bottle Coffee’s global stores from Nestlé; Anta becoming the single largest shareholder of PUMA; Yum China acquiring the mainland China brand ownership of Pizza Hut for $1.2 billion; and IDG Capital taking control of Yoplait China…
From fast food and coffee to outdoor sports, a host of legendary global consumer brands are quietly changing hands to Chinese stewards. This is no accident.
Today, global consumer brands are undergoing a wave of asset revaluation. On one hand, many European and American private equity firms are reaching exit windows for brands they bought years ago; on the other hand, numerous multinational groups are actively divesting non-core businesses to realize cash. With the forecast that “the greatest growth lies in China,” Chinese PE firms are rushing to enter the fray.
The consumer sector has long been regarded as resilient and counter-cyclical, which explains why in times of economic volatility, consumer brands tend to attract even more capital. “M&A in China is timely today,” said Wu Keyao, Partner at PAG, at a Zero2IPO annual conference. “China’s economy has already reached a considerable scale, which means a large number of M&A opportunities are emerging, and there are also windows for business succession.”
However, spending money to buy a brand is only the first step. The market often remembers the highlight of Anta’s acquisition of Arc’teryx, but overlooks the more critical factor behind it—operational and management capability. There is a consensus in the investment community that post-acquisition integration and operations are the real litmus test.
Tides ebb and flow; it is only the beginning. The next big deal may be coming soon.
