Anta’s interim profit soars 62.3% as ‘Dragon Outfit’ Olympic kit lifted sportswear sales
- Net profit jumped 62.6 per cent to 7.7 billion yuan (US$1.08 billion) in the first six months of 2024, beating the consensus analysts’ forecast compiled by S&P Capital IQ
Anta Sports Products, which supplied the Chinese athletes’ podium uniforms during the 2024 Paris Olympics, reported a surge in its interim profit as its global profile and exposure translated to increasing online sales.
Net profit jumped 62.6 per cent to 7.7 billion yuan (US$1.08 billion) in the first six months of 2024, beating the consensus analysts’ forecast compiled by S&P Capital IQ. Sales increased to 33.7 billion yuan, 13.8 per cent more than the same period last year, according to the company, based in the Fujian provincial city of Jinjiang.
“The Paris 2024 Olympic Summer Games served as a catalyst for the sportswear sector, igniting widespread public enthusiasm and driving increased participation in sports,” Anta said in its earnings statement on Tuesday. “The combination of supportive policies, growing health consciousness, and rising sports engagement is expected to sustain the solid fundamentals of both China’s economy and sportswear industry.”
Anta’s red-and-white tracksuit, officially named the “Champions Dragon Outfit”, used embossing, patchwork and embroidery to create motifs to represent the scales on the dragon’s skin. It was worn by every Chinese medallist, including swimmer Pan Zhanle, who broke the world record for the men’s 100 metres freestyle event.
Hong Kong’s medallists such as fencers Vivian Kong and Cheung Ka-long wore FILA apparel, which is also owned by Anta.
