Anta Sports’ 2024 sales exceed estimate after signing NBA star

Anta Sports Products Ltd. reported better-than-expected sales in 2024, a year that saw China’s biggest sportswear maker gain eyeballs overseas after signing an endorsement deal with NBA star Kyrie Irving.

Revenue rose 13.6% to 70.8 billion yuan ($9.79 billion) last year, surpassing analysts’ estimate of 69.4 billion yuan. Full-year gross profit margin was 62.2%, compared with the consensus estimate of 62.9%.

The company, which signed the Dallas Mavericks guard to a five-year deal after rival Nike Inc. dropped him, saw demand for its basketball sneaker Kai 1 surge in North America. More importantly, a relentless domestic appetite for Anta products supported the sportswear brand amid China’s broader consumption slowdown.

Anta Sports has already had a good start to 2025, with sales in the first two months at the company’s four major labels — Anta, FILA, Descente and Kolon — estimated to have jumped by as much as 60%, according to Bloomberg Intelligence report, citing Shang Zhi Zhen data from China’s four leading e-commerce platforms.

The company’s performance going ahead is expected to be supported by China’s measures to boost consumption. Anta Sports is Citigroup Inc.’s top buy in the China sportswear sector, according to a research note following the government’s action plan to revitalize consumption.