Xi Jinping steps out in US$1,000 parka, giving Chinese sportswear company’s shares a boost

The president wore a high-end Arc’teryx parka while inspecting the site of the 2022 Winter Olympics – driving up parent company Anta Group’s share price

Anta, a sponsor of the Games, aims to displace Nike as China’s top sportswear label

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Published: 4:15am, 22 Jan 2021Updated: 3:22pm, 22 Jan 2021

Corrected [8:51am, 22 Jan, 2021]

[8:51am, 22 Jan, 2021]
The price of the Arc'teryx Thorson parka was misstated. On the company's international website the price is US$1,000.

President Xi Jinping’s choice of a cobalt blue parka to protect himself against the cold this week sharply boosted the stock price of the Chinese company that owns the Canadian outdoor clothing brand.

The president wore the high-end Arc’teryx winter coat while inspecting venues of the 2022 Winter Olympics and Paralympics in the mountains north of Beijing. The parkas are advertised on Arc’teryx’s international website for US$1,000.

Images of Xi keeping warm in the designer attire were splashed across news bulletins, but barely caused a ripple on social media because of the brand’s elite urban customer base.

However, its impact was felt on the Hong Kong stock market, with the share price of Anta Group – which owns Arc’teryx, based in North Vancouver, British Columbia – rising by nearly 10 per cent on Tuesday.

Xi Jinping in the Arc’teryx coat. His entourage wore heavy down and waterproof jackets that displayed the logo of the brand’s owner, Anta Group. Photo: Beijing Organising Committee for the 2022 Olympic and Paralympic Winter Games

Xi’s entourage wore heavy down and waterproof jackets that displayed the logo of Anta – an official sponsor of the 2022 Games. Anta – which has supplied the Chinese Olympic team for the previous eight years, including dressing the team for the Rio 2016 Olympics – will provide Chinese athletes and Olympic staff with sports apparel for the games.

The Arc’teryx Thorsen Parka favoured by Xi has garnered a large following among affluent Chinese urban consumers because of its light weight, length, lean design, generous down insulation and waterproof Gore-Tex exterior.