An ambitious Chinese sportswear firm does some fancy footwork
一家雄心勃勃的中国运动服饰公司走出了一些花式步法

【双语】向上踏步 Upping the Anta-书迷号 shumihao.com

DING SHIZHONG, the founder and boss of Anta, the world’s third-biggest sportswear firm by market capitalisation, refused to let the covid-19 pandemic interfere with sales. In early February, as the virus forced shops to close, Mr Ding gave each of his 30,000 employees a new assignment: hawk Anta’s apparel and shoes to personal contacts on WeChat, a messaging platform. Such resolve to protect revenues is admirable. Yet it reflects insecurity.

全球市值第三大运动服装公司安踏的创始人兼老板丁世忠拒绝让新冠疫情影响销售。2月初,病毒迫使商店关门后,他给全部三万名员工都分配了一项新任务:把安踏的服装和鞋子推销给微信上的联系人。这种保卫营收的决心令人钦佩,但也反映出一种不安全感。

Anta, established in 1991, has long been runner-up on its home turf to Nike and Adidas. The Western sportswear powerhouses together accounted for over two-fifths of China’s market in 2019, according to Euromonitor, a market-research firm. Anta has a sixth of the market but it is moving fast. Revenues grew by over 40% in each of the past two years, double the rate of the industry. Operating profit hit 8.7bn yuan ($1.2bn) in 2019. But that is still only half the sum made in China by Nike.

创立于1991年的安踏在其本土市场一直跟随耐克和阿迪达斯之后。市场研究公司欧睿(Euromonitor)的数据显示,2019年这两家西方运动服饰巨头总共占到中国市场的五分之二以上。安踏占六分之一,但发展迅速。过去两年它的收入每年增长超过40%,是整个行业增速的两倍。2019年营业利润达到87亿元,但仍然只有耐克在中国的营业利润的一半。

Anta’s aim is to become “a Chinese brand that stands out in the world”. It is perhaps best known in the West as the shoe sponsor for Klay Thompson, a star player with the Golden State Warriors basketball team, and Manny Pacquiao, a Filipino boxer. But the brand generates few foreign sales. Even in China, many urban youngsters think Anta “lacks the cool factor”, says Lu Ge of the Beijing Institute of Fashion Technology—despite being the official kit supplier for China’s Olympic athletes.

公司誓言“要做世界的安踏”。在西方,它最出名的战绩可能是为金州勇士篮球队的明星球员克莱·汤普森(Klay Thompson)和菲律宾拳击手曼尼·帕奎奥(Manny Pacquiao)提供了运动鞋赞助。但这个品牌在海外的销量很小。北京服装学院的卢戈(音译)表示,即使在中国,许多城市年轻人也认为安踏“不够酷”,尽管它是中国奥运选手的官方服装供应商。

That perception stems in part from Anta’s customer base. Its shops are concentrated in medium-sized cities, to cater to consumers that are less well off than those in Beijing or Shanghai, the preferred haunts of Nike and Adidas. A pair of Anta shoes typically costs a third less than a similar pair of Nikes, observes Dallas Cai of Oriental Patron, a broker. Pricier and associated with more global superstars, Nike and Adidas have far more brand appeal.

这种印象部分源于安踏的客户群设定。安踏的店铺集中在中等城市,以迎合那些不及北京或上海的消费者富裕的群体,而京沪两地是耐克和阿迪达斯的首选。经纪公司东英金融集团(Oriental Patron)的达拉斯·蔡(Dallas Cai)观察到,一双安踏鞋通常比一双类似的耐克鞋便宜三分之一。耐克和阿迪达斯价格更贵,而且和更多全球超级巨星联系在一起,品牌号召力要大得多。

Mr Ding’s all-hands-on-deck strategy and Anta’s clientele may have insulated the firm from the worst of covid-19’s ravages. Ms Cai observes that, as China began to re-open in late February, residents of cities where Anta is strong may have been less fastidious about social distancing than counterparts in richer locales. Revenues at Anta fell by 20-25% in the first quarter year-on-year, according to the firm’s latest financial update. That looks rosy compared with Adidas. It saw sales in China drop by 58% in the same period.

丁世忠全体总动员的策略和安踏的客户群可能让公司避免了在疫情中遭受最严重的冲击。蔡女士观察到,中国从2月下旬开始逐渐解封后,在安踏影响力较强的城市,居民们可能没有更富裕地区的人们那么在意社交距离。根据安踏最新的财报,今年第一季度公司收入同比下降了20%到25%。与阿迪达斯相比,这看起来还不错。同期阿迪达斯在中国的销售额下降了58%。

Relying on rivals’ bad luck is not a long-term plan. Mr Ding recently wrote that Anta aspires to make the leap from an “affordable brand” to a “desirable” one. He has some more upmarket trademarks at his disposal. In 2009 Anta acquired the Chinese operation of Fila, a sportswear firm with Italian roots. Last year, in a $5.2bn deal, the firm bought a majority stake in Amer Sports, a Finnish outfit with assets including Wilson tennis rackets and Salomon skis. But that may not be enough to take on and beat Nike and Adidas. Shifting perceptions will be hard.■

依靠对手的霉运不是长久之计。丁世忠最近写道,安踏渴望实现从“买得起”到“想要买”的飞跃。他手头还有一些更高端的品牌。2009年安踏收购了源自意大利的运动服饰公司斐乐(Fila)的中国业务。去年公司以52亿美元的价格收购了芬兰体育用品公司Amer Sports的多数股权,该公司的资产包括威尔胜(Wilson)网球拍和萨洛蒙(Salomon)滑雪板。但这可能还不足以挑战并击败耐克和阿迪达斯。改变印象会很难。