Chinese firms are accelerating outbound buys of western consumer labels as domestic rivalry sharpens. Sportswear group Anta sealed a €1.5 billion deal for a 29% stake in Puma last month, while fast‑fashion platform Shein disclosed a $100 million purchase of sustainable US brand Everlane. The transactions signal a shift from competing at home to expanding overseas footprints.

First‑quarter data from Rhodium Group show $2.4 billion in outbound consumer‑goods deals, almost all targeting Europe and North America, after a $6.8 billion peak in 2023. Analysts say Chinese brands with mature home markets prefer acquiring established names rather than building new ones, a faster route amid slowing domestic growth and deflationary pressure.

The wave of purchases—from Anta’s sports portfolio to Shein’s fashion foray—forces regulators in the EU and US to scrutinise cross‑border compliance, as seen in investigations of Shein’s marketplace. With outbound M&A far below the 2016 peak, Chinese investors now target consumer assets that can deliver immediate market access and brand equity.

Nestlé’s recent divestiture of Blue Bottle Coffee to Centurium Capital—owner of discount chain Luckin—illustrates the breadth of Chinese appetite beyond apparel. Private‑equity backer L Catterton is exiting Everlane, underscoring that Chinese groups are now the preferred buyers for Western consumer brands seeking capital and global scale.