Topgolf Callaway Brands has entered into an agreement to sell German outdoor gear maker Jack Wolfskin to Chinese apparel group Anta Sports for $290 million in cash, subject to working capital adjustments.

The transaction, expected to close in late second quarter or early third quarter of 2025, will allow Topgolf Callaway to focus on its core business while strengthening Anta's position in the outdoor sports segment.

"This sale will allow us to increase our focus and optimise our resources on our core business," said Chip Brewer, president and chief executive officer of Topgolf Callaway Brands. "Importantly, the proceeds will further enhance our balance sheet and liquidity, reinforcing our financial flexibility ahead of our planned separation of Topgolf from our core operations."

Topgolf Callaway acquired Jack Wolfskin in 2019 for €418 million ($476 million at the time), substantially more than the current sale price. The company had forecast Jack Wolfskin to contribute approximately €325 million in revenue and €12 million of Adjusted EBITDA for 2025.

For Anta Sports, one of China's largest homegrown apparel brands, the acquisition aligns with its global expansion strategy. The company has previously acquired several foreign brands including Fila, Amer Sports, Descente and Kolon Sports.

Anta's founding chairman Ding Shidong said the integration of Jack Wolfskin is "another step forward in the group's global expansion strategy" and will "further strengthen" the company's outdoor sports segment.

The deal comes as tensions between China and the US continue to escalate, with President Donald Trump imposing 145 per cent tariffs on Chinese imports and Beijing responding with 84 per cent tariffs on American goods. According to Morgan Stanley analyst Dustin Wei, the Trump tariffs "have only a minimal impact" on Jack Wolfskin's operations, "as the company mainly focuses on Europe and China and has no plans for US market expansion."

Goldman Sachs is serving as Topgolf Callaway's financial advisor, with Latham & Watkins LLP providing legal advice for the transaction.

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