Fanatics Inc., the 25-year-old American online retailer of licensed sportswear, sports equipment and merchandise, had issued a statement on Thursday saying that the world’s No 1 licensed sports merchandise retailer would expand into China through a joint venture with a private equity firm Hillhouse Capital Group.
On top of that, latest announcement from the Jacksonville, Florida-based online retailer of licensed sportswear came forth months after the e-commerce platform had expressed its intent to go for a plausible US public listing.
Aside from that, Fanatics Inc., the American sports retailer backed by the Japanese tech investment conglomerate SoftBank Corp., had also added at its statement that the 26-year old American sports retailer, which had reported an annual revenue of more than $3 billion last year, had been heavily pricing on in a Chinese market which reportedly remained untapped for sports equipment alongside clothing.
Fanatics sees rising interest in China on European Football, US sports
Meanwhile, referring to a rapid rise in interest in China about European football alongside American sports among others, Fanatics’ head of international corporate development, Zohar Ravid, said in an interview following reveal of the company’s latest move to enter Chinese market through a JV with Hillhouse Capital, “China has been a market we followed for a while, and we’ve been meeting with multiple partners in China trying to figure out how we approach it in the best way.
The interest overall in the country around European football, and American sports, is growing”. Fanatics Inc., the Jacksonville-based online sports retailer, has been operating a swathe of online stores selling off products for more than 300 teams, brands and leagues ranging from the United States’ MLS to Nike alongside Manchester United.