Anta Sports, China’s largest sportswear brand and the third largest in the world by market capitalization, has posted a 29.4% growth in 2017 net profit, attributing it to increased sales that resulted from its multi-brand strategy and through its e-commerce channels. The company, whose market capitalization tops HKD100 billion, said its net profit for 2017 reached CNY3.09 billion, compared with CNY2.39 billion in net profit for 2016. Revenue for the period rose 25.1% to CNY16.69 billion, from CNY13.35 billion in 2016. The results were slightly higher than analysts’ estimates.

“As domestic consumption continues to grow and the external economic environment remains stable, we believe the overall consumer market will maintain steady growth,” said Anta Chairman Ding Shizhong in a statement. “With the Beijing Olympic and Paralympic Winter Games approaching, we believe that our sponsorship of the Chinese Olympic Winter Delegation will again enhance Anta’s influence globally.” The company highlighted the “significant contribution” from e-commerce channels, including record-setting sales numbers during last year’s Singles’ Day (November 11), one of the country’s biggest online shopping events.

Double-digit net profit growth is expected in 2018 as well as an increase in the company’s market share in China’s sportswear industry. Analysts also expect Anta to make an acquisition or set up a joint venture. Anta plans to put in use its new logistics center in the first half of the year, which could raise its operational efficiency. Anta Sports has six major sportswear brands – Anta, Anta Kids, Fila, Fila Kids, Descente and NBA, and newly added kidswear brand Kingkow. The company set up a joint venture with South Korea’s outdoor sports activity brand Kolon Sport in 2017, the South China Morning Post reports.

The company operates 9,467 Anta stores in China, 1,086 stores under the Fila brand in the mainland, Hong Kong, Macao and Singapore, and 64 Descente stores in China.