CPE Yuanfeng Acquires Swiss Outdoor Brand Mammut in Full Takeover

Chinese private equity firm CPE Yuanfeng has announced the full acquisition of Mammut, the century-old Swiss high-end outdoor brand, for an undisclosed price. Founded in 1862 and built on climbing ropes, Mammut is widely recognised as the originator of softshell clothing. The transaction marks the brand's second change of ownership in five years: in June 2021, European private equity firm Telemos Capital acquired Mammut from Swiss company Bystronic for 218 million Swiss francs.

CPE Yuanfeng was formerly CITIC Industrial Fund, established in 2008. It completed a market-oriented restructuring in 2019, adopted its current name and began operating independently, with cumulative assets under management exceeding RMB 150 billion. Its investment portfolio includes mass consumer brands such as Mixue Bingcheng, Pop Mart, Laopu Gold and Burger King China. The Mammut acquisition is its first foray into the sports and outdoor sector. CPE said it would help Mammut achieve faster growth globally, particularly in the Chinese market.

The outdoor sports market is moving from a niche pursuit to the mainstream. Industry reports show that in 2025, China recorded more than 800 million outdoor sports participation visits, with total outdoor sports consumption exceeding RMB 1 trillion, while the sports footwear and apparel market reached RMB 598.9 billion. The outdoor industry chain is expanding rapidly, forming a complete ecosystem covering upstream raw material supply, midstream products and services, downstream distribution channels and end consumers. China's outdoor sector now features a three-way competitive landscape: foreign high-end brands, domestic professional outdoor players and mass-market sportswear crossovers.

In the high-end segment, Anta holds Arc'teryx while CPE has acquired Mammut; domestic brands such as Kailas focus on the mid-range professional outdoor market. Traditional sportswear companies including Li-Ning, Nike and Adidas have all launched outdoor lines. Li-Ning introduced its standalone outdoor brand COUNTERFLOW, Nike relaunched its ACG outdoor series at its Beijing flagship store, and Adidas's adidas TERREX officially adopted the Chinese name "Shanchuanli" in the China market in July 2026, with plans to open directly operated stores in Tianjin and Beijing.