(Yicai) June 11 -- Authentic Brands Group, the owner of over 50 global consumer brands, including Reebok and Champion, plans to introduce more brands and product categories in China to expand its local business, according to a report citing the US firm's chief executive.

Authentic aims to increase the share of its China business within its global operations to 5 percent from 2 percent over the next three years, The Paper reported today, citing Jamie Salter, who is also founder and chairman of the New York-based company.

Authentic set up its Asia-Pacific headquarters in Shanghai, covering an area of nearly 2,000 square meters and housing a team focused on lifestyle, entertainment, brand, business development, public relations, and marketing, it announced on June 6. The team is empowered to build and foster licensing alliances that unlock the value of the firm's brand portfolio in the region, it noted.

"Shanghai is a dynamic city and is the right home for our APAC headquarters, with China presenting great opportunities for growth," Salter said. "The opening of our Shanghai office reflects our confidence in the region and commitment to building strong, localized partnerships that unlock the full potential of our brands."

Established in 2010, Authentic has brand management and licensing as its core business model, acquiring underperforming iconic brands and implementing targeted restructuring to revitalize them. It bought Reebok from German sportswear giant Adidas for EUR2.1 billion (USD2.4 billion) in 2021 and Champion from US' Hanesbrands for USD1.2 billion last year.

Authentic's brands are available in 150 countries with more than 29,000 freestanding stores, shop-in-shops, and 400,000 points of sale worldwide, generating around USD32 billion in annual retail sales, according to its website.

In March, Authentic upgraded its tie-up with Belle Fashion Group, the Chinese distributor of Champion, expanding licensed categories from footwear and accessories to apparel. The pair will strengthen the brand's operational capabilities and influence in China by establishing a joint venture.

Editor: Martin Kadiev