CPE Yuanfeng Signs Agreement to Acquire Mammut: Can It Replicate Arc'teryx's Success Story in China?

Another international high-end outdoor brand is set to enter the landscape of Chinese capital.

Chinese private equity firm CPE Yuanfeng has signed a share purchase agreement with European private equity firm Jacobs Capital to acquire the Swiss outdoor brand Mammut, which boasts a history of over 160 years, in a wholly-owned transaction.

The two parties signed the agreement on July 30. The transaction is still subject to routine regulatory approvals and is expected to close within the next few months. The specific transaction amount has not been disclosed.

Mammut’s previous change of ownership occurred in 2021. At that time, Telemos Capital acquired Mammut from the Swiss industrial group Conzzeta, disclosing an enterprise value of approximately CHF 230 million.

Telemos subsequently merged with the investment arm of the Jacobs family to form Jacobs Capital, bringing Mammut into the latter’s portfolio of consumer brands.

Earlier this year, Bloomberg cited sources stating that Jacobs Capital was considering selling Mammut, seeking a price exceeding €500 million.

According to the arrangement announced by CPE Yuanfeng, after the transaction is completed, Mammut will continue to operate independently, retaining its Swiss headquarters, brand positioning, and technical heritage.

CPE Yuanfeng plans to leverage its resources in the Chinese and broader Asian markets to help Mammut expand its distribution channels and consumer base.

Founded in 1862 and headquartered in Switzerland, Mammut’s product range covers professional outdoor apparel, footwear, climbing equipment, ropes, and avalanche safety gear. Its core brand positioning is built on safety, technical performance, and Alpine traditions.

In China’s outdoor consumer market, Arc'teryx, Mammut, and the Swedish brand Klättermusen are sometimes collectively referred to by consumers as “Bird, Elephant, Mouse,” giving rise to the saying “First Bird, Second Elephant, Third Mouse.”

However, in terms of actual business scale, Mammut and Arc'teryx are not yet in the same league.

According to Swiss media outlet Blick, citing data from former controlling shareholder Jacobs Capital, Mammut generates annual revenue of approximately CHF 400 million, maintaining double-digit growth in recent years. At recent exchange rates, this is equivalent to about RMB 3.4 billion.

In comparison, the Technical Apparel segment of Amer Sports, the parent company of Arc'teryx, recorded revenue of $2.856 billion in 2025, a year-on-year increase of 30%.

There is also a gap in channel coverage between the two brands in the Chinese market.

As of early 2026, Mammut had 61 stores in mainland China, covering 21 provinces and municipalities. Except for direct-operated stores in Beijing, Shanghai, Shenzhen, and some outlet locations, the remaining stores are primarily operated under brand licensing agreements.

In contrast, Arc'teryx has 79 directly operated stores in the Greater China region. After joining the Amer Sports system following Anta’s participation in the acquisition, the brand expanded its consumption scenarios from professional outdoor activities to urban commuting, women’s apparel, and footwear by strengthening flagship stores in core business districts, direct retail, and e-commerce channels.

This means that if CPE Yuanfeng hopes to replicate Arc'teryx’s growth story in China, the focus cannot be merely on raising prices and opening stores; it needs to rebalance Mammut’s professional outdoor heritage with mass-market expansion.

On one hand, it must preserve Mammut’s professional image in climbing, safety equipment, and technical products. On the other hand, it needs to increase direct sales channels, brand stores in core cities, and localized digital operations, while expanding brand awareness through products and marketing strategies better suited to Asian consumers.

For CPE Yuanfeng, Mammut’s advantages lie in its brand history, technical accumulation, and Asian business operations that still have room for improvement. The challenge, however, is that it faces a market where consumer education has already been largely completed by Arc'teryx, and which is crowded with numerous competitors such as Salomon, Descente, and Kailas.

Whether Mammut can translate its professional reputation into channel efficiency, brand premium, and sustained growth will depend on capital investment, management teams, and operational strategies in the Chinese market after the deal closes.

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