A major executive change has taken place at Chinese sportswear giant Anta Sports, one of the co-owners of Puma. Xu Yang, CEO of the company’s flagship brand, has stepped down from his position for family and personal reasons.
Following his departure, Anta Sports has appointed Lai Shixian as interim CEO. Shixian, who previously served as co-CEO of Anta Sports Products Limited, will assume overall responsibility for the company’s management and operations.
Xu Yang returned to Anta Sports’ leadership in January 2023 with the aim of strengthening the brand’s positioning and accelerating its growth.
He had previously been one of the key executives responsible for developing Arc’teryx in the Chinese market following Anta Sports’ acquisition of Amer Sports in 2019.
Anta Sports generated €9 billion in revenue
The Chinese company closed its fiscal year ended December 31, 2024, with revenue of 70.826 billion yuan (€8.98 billion), representing a 13.6% increase from the previous year.
Net profit also rose significantly. Anta Sports reported net income of 16.989 billion yuan (€2.15 billion) in 2024, compared with 11.277 billion yuan (€1.42 billion) a year earlier.
However, despite the strong growth in revenue and profit, the company’s profitability declined.
The profit margin of Anta’s business fell to 23.4% at the end of 2024, down 1.2 percentage points year on year. Its gross margin also declined by 0.4 percentage points to 62.2%.
Xu Yang’s departure comes as Anta Sports continues to expand its global portfolio through its ownership stake in Puma and its broader Amer Sports business, which includes brands such as Arc’teryx.