Another new stage of multiband strategy. Anta's multiband strategy has accelerated further as it has announced a JV arrangement with Musinsa, a Korean fashion platform company. We see this as an exploration to tap into apparel market outside sportswear segment, but could bring synergy to its brands such as Fila. In the meantime, while it is still planning for a revitalisation of Jack Wolfskin for the next 3-5 years, mgmt. did not rule out more M&As in the near term as more companies are available for sale. ...