A pair of yoga pants sold for 2 billion.

Consumer mergers and acquisitions remain lively.

Recently, Bain Capital announced the acquisition of EcoMarketing, the parent company of Andar and a South Korean listed company, with a total transaction consideration of 500 billion won (approximately RMB 2.4 billion).

Known as the "Korean version of Lululemon", Andar is one of South Korea's well - known sportswear brands. With its star - studded consumer projects, Bain Capital's move is a microcosm of the recent boom in consumer mergers and acquisitions.

The "Korean Lululemon" Sold for 2 Billion

This acquisition will be carried out in two steps -

First, Bain Capital signed an equity acquisition agreement with the largest shareholder and its affiliated parties, planning to acquire 43.66% of the shares at a price of 216.6 billion won (approximately RMB 1 billion);

Then, it will make a tender offer to acquire the remaining 56.4% of the outstanding shares at a price of 16,000 won per share (a 49.5% premium over the previous closing price), and subsequently promote the company's voluntary delisting.

Founded in 2015 by yoga teacher Shin Ae - ryeon in Seoul, Andar specializes in sportswear for yoga, golf, etc. Initially focused on the female market, it gradually expanded to men's clothing categories after 2020 and has grown into a comprehensive brand covering daily wear.

Compared with Lululemon's prices that often exceed a thousand yuan, Andar's products are mostly priced in the hundreds. In addition to ordinary sports enthusiasts, many South Korean drama actresses have also become its fans. In the first half of 2025, the brand's cumulative sales reached 135.8 billion won, setting a new historical record.

From Andar's official website

Echo Marketing, Andar's parent company, has a relatively special business model. In the early years, it focused on online advertising agency, mainly by discovering and cultivating potential enterprises to grow. In 2021, it acquired 75% of Andar's shares, and the sportswear business has become its core source of income.

Founded in 1984, Bain Capital is an old - timer in the PE circle. It established its first office in Asia in 2006 and has been active in the Asian market ever since. So far, its asset management scale is nearly $185 billion.

"Sixty percent of consumer goods executives expect to sell assets within the next three years." Bain Capital once admitted in a survey. Looking back, they have made many well - known moves in the field of consumer mergers and acquisitions.

Take Canada Goose as an example. Born in a small warehouse in Toronto in 1958, this originally niche functional brand has transformed into the "Hermès of the down jacket industry" and become a must - have for the middle class. Behind this is Bain's operation.

In 2013, Bain Capital acquired Canada Goose for $250 million. With its capital and overseas resources, the company launched a global expansion plan. Just four years later, the company completed its IPO in New York, the United States, and Toronto, Canada, respectively. At its peak, its market value once exceeded $7.8 billion, and Bain reaped rich returns.

In 2022, Bain Capital bought a majority stake in the Japanese fashion and lifestyle group Mash for approximately RMB 10 billion, creating one of the largest PE acquisition cases in the Japanese fashion circle.

"Create another 'Canada Goose' in the same way." This is the general evaluation of investors. Founded in the 1990s, Mash's founder, Hirohiro Kondo, switched from being a designer to the fashion circle and created the "street mix - and - match style", making more than 30 women's clothing brands such as Snidel popular in the Japanese market and building a fashion empire.

However, in July last year, it was reported that Bain was considering selling part or all of its shares in Canada Goose. As the global luxury industry entered a downward cycle, the expensive "Canada Goose" down jackets were becoming harder to sell. Witnessing the company's weak performance growth and the continuous decline of its stock price, the former white knight also wanted to get rid of it.

Now targeting the Asian sports market, Bain Capital has made another move in the fashion industry.

Buying at the Bottom of the Consumer Market

In the past year, consumer mergers and acquisitions have been frequent.

Not long ago, Sequoia China announced that it would acquire a controlling stake in the fashion brand Golden Goose, with Temasek and its affiliated funds participating as minority shareholders. Thanks to a pair of "distressed shoes" that have sold all over the world, Golden Goose has changed hands several times over the years until Sequoia and Temasek stepped in.

Of course, the most sensational one is Starbucks China. In November last year, Starbucks announced a strategic cooperation with Boyu Capital, selling 60% of the controlling stake in its Chinese business for a total price of $4 billion. The two parties jointly established a new joint - venture enterprise, and Starbucks retained 40% of the shares and continued to hold the brand and intellectual property rights.

At that time, the scene of global PE hunting was vivid. Well - known institutions such as Boyu, Carlyle, EQT, Primavera, and Sequoia China competed to participate. Recall that in 1999, Starbucks opened its first store in mainland China at the Beijing International Trade Center. Now, the rise of local coffee brands has subverted the imagination of the predecessors.

Following that, CPE Yuanfeng injected $350 million to acquire the exclusive development rights of Burger King China for 20 years, planning to expand the number of stores from 1,250 to 4,000 within ten years and accelerate the penetration into the sinking market.

Pizza Hut has also been put up for sale. Recently, Yum! Brands announced that it has launched a strategic review of Pizza Hut, including potential sale options. Currently, Pizza Hut has more than 20,000 stores globally, with more than 4,000 in the Chinese market.

In addition, there are also: Centurium Capital plans to acquire the Chinese business of Costa Coffee; General Mills is planning to sell Häagen - Dazs China; Decathlon has started to sell its Chinese business, with a valuation of 1 - 1.5 billion euros (approximately RMB 8 - 12 billion), etc.

A common view is that the consumer industry has always been considered a sector with rigid demand and anti - cyclical properties, so it is more popular with capital during economic fluctuations. Against this background, international giants are optimizing their local market layouts through mergers and acquisitions to achieve supply chain integration and brand reshaping.

"It's time to buy at the bottom in China's mergers and acquisitions market." More than one investor has mentioned this view. As China's industries enter the stage of upgrading and replacement and the concentration is constantly increasing, the demand for mergers and acquisitions has emerged like mushrooms after rain.

When some exit, others enter. As Xin Yuesheng, a partner of Xichen Capital, said: "Since 2022, the market has undergone a deep adjustment, and many high - quality enterprises have significant discounts. This means that the asset prices in the current mergers and acquisitions market are highly attractive, and at the same time, the capital supply is quite abundant."

However, compared with the overseas mergers and acquisitions system, domestic mergers and acquisitions still largely rely on listed companies as acquirers, and many transactions are accompanied by performance commitment mechanisms, which need to be further enriched and improved.

Tides ebb and flow, and the next big deal is on the way.

This article is from the WeChat public account "M&A Frontline", author: Yu Mengying, published by 36Kr with authorization.