弗雷泽斯“故技重施”入股彪马成二股东安踏如何接招？

每日经济新闻03-07

根据3月5日披露的文件，弗雷泽斯集团已持有彪马近6%的股份，一跃成为第二大股东。　　这笔交易的时机颇为敏感——此时距安踏体育（HK02020，下简称安踏）宣布以15亿欧元（约合人民币120亿元）收购彪马29.06%股权才过去一个多月。　　《每日经济新闻》留意到，弗雷泽斯不只是彪马的新晋二股东，其旗下的Sports Direct还是彪马在欧洲的核心零售渠道。参照弗雷泽斯过往入股Hugo Boss、...

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How does Anta accept the move?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"82020":0.6,"02020":1.5,"ANPDY":0.6},"content_text":"根据3月5日披露的文件，弗雷泽斯集团已持有彪马近6%的股份，一跃成为第二大股东。　　这笔交易的时机颇为敏感——此时距安踏体育（HK02020，下简称安踏）宣布以15亿欧元（约合人民币120亿元）收购彪马29.06%股权才过去一个多月。　　《每日经济新闻》留意到，弗雷泽斯不只是彪马的新晋二股东，其旗下的Sports Direct还是彪马在欧洲的核心零售渠道。参照弗雷泽斯过往入股Hugo Boss、Mulberry这两大品牌的操作，它从不满足于只当财务投资者，往往会利用股权推动被投企业向自己的零售体系倾斜资源。　　这意味着，对于即将入主彪马的安踏来说，未来如何与这位“大客户股东”周旋、守住彪马的品牌利润空间，将是一道绕不开的难题。　　弗雷泽斯的“闪电增持”　　弗雷泽斯集团与彪马的渊源颇深。彪马是弗雷泽斯旗下核心品牌Sports Direct的主要供应商，并在Sports Direct的平台上销售全线产品。Sports Direct作为英国最大的体育用品零售商之一，为弗雷泽斯贡献了大部分利润。近年来，弗雷泽斯正推动Sports Direct从“仓储式折扣”向“全方位体育与生活方式零售商”转型，彪马作为关键合作伙伴，其战略地位不言而喻。　　值得关注的是，弗雷泽斯过往曾多次利用持有的少数股权作为筹码，推动被投资公司进行战略变革，或促使被投资公司采用其销售渠道和服务。由此看来，这家由英国亿万富翁麦克·阿什利控制的集团，通常不满足于仅作为财务投资者。　　弗雷泽斯总部位于英国，前身为Sports Direct International，目前持股多家零售商，包括德本汉姆百货、ASOS（在线时尚购物平台）及AO World（在线电器零售商）。　　《每日经济新闻》记者浏览Sports Direct官网注意到，除彪马外，耐克、阿迪达斯、昂跑及萨洛蒙等主流运动品牌也均在该平台销售。 图片来源：Sports Direct官网截图　　安踏是否会面临新问题？　　通过弗雷泽斯过往的操作记录，或许能为理解它在彪马股东表中的角色提供一些线索。　　以德国品牌Hugo Boss为例，弗雷泽斯2021年开始多次增持，最终成为主要股东之一。入股之后，弗雷泽斯并未止步于财务投资，而是推动Hugo Boss与Sports Direct展开更深度的渠道合作，部分独家款式和联名产品随后优先在Sports Direct发售。类似的情况也发生在英国奢侈品牌Mulberry身上——弗雷泽斯成为第一大股东后，Mulberry的产品被引入其旗下的Flannels高端零售渠道。　　这一模式如果复制到彪马身上，局面将变得微妙。弗雷泽斯既是彪马第二大股东，其旗下的Sports Direct又是彪马在欧洲的核心零售渠道——这意味着它同时拥有了双重身份：既是彪马利润的分享者，也是彪马利润的索取者。未来Sports Direct从彪马拿到的批发折扣每低一个点，渠道端赚的就多一分，品牌端的利润就薄一层。弗雷泽斯会如何在股东回报和渠道利益之间取舍，成为安踏入主后绕不开的考题。　　安踏此前明确表示，收购彪马是为了“赋能品牌”，借助自身供应链和亚洲市场资源推动彪马全球增长。但弗雷泽斯的入局带来了不确定性。作为第一大股东，安踏有权主导董事会构成和重大决策，而弗雷泽斯6%的持股也足以在公司治理架构中提名监事人选，如此一来，定价策略、渠道资源分配等议题就会被摆上台面。　　那么，安踏是将其视为战略合作伙伴共同做大蛋糕，还是作为潜在的利益博弈方进行制衡？安踏在此前的公告中强调“尊重彪马作为德国上市公司的独立治理架构”，这意味着即使作为第一大股东，安踏也不直接干预经营。如果弗雷泽斯通过股东身份向管理层施压要求渠道优惠，安踏该如何应对？　　截至发稿，弗雷泽斯及安踏均未回复《每日经济新闻》记者的采访提问。　　不过，在业内看来，未来双方大概率会寻求接触。“安踏需要确保收购平稳落地，弗雷泽斯也不希望与未来第一大股东交恶，彪马业绩增长是双方共同的利益基础。”（文章来源：每日经济新闻）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"shareholding","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2617652751","isCrawlerRequest":true}

弗雷泽斯“故技重施”入股彪马成二股东 安踏如何接招？

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弗雷泽斯“故技重施”入股彪马成二股东安踏如何接招？