Domestic sports giant Anta Sports Products Ltd announced on Monday it has acquired 75.13 percent shares from the Shanghai-based, female-focused sportswear producer Maia Active, to bank on the emerging women sportswear market in China.

Anta group didn't disclose the price of the acquisition. After the completion of the deal, Maia Active is to become a subsidiary company of the group.

The Yoga-inspired sportswear brand was founded in 2016 and has been often considered as the Chinese answer to Lululemon.

In 2017, the company has obtained a round of pre-A financing of nearly 10 million yuan ($1.3 million) from The Arena Capital and Delta Capital; in 2018, a round A financing of 40 million yuan was obtained, led by Sequoia Capital and CMC Inc, and jointly invested by Volcanic Ventures China and Yuanyao Capital.

In November 2020, Maia Active announced the completion of the B-round financing invested by China Growth Capital, with a financing amount of nearly 100 million yuan.

In December 2021, Maia Active completed a round C financing of nearly 100 million yuan, which was strategically invested by Belle International.

In 2021, the company said its revenue will reach 300 million yuan, a 166 percent growth rate year-on-year.

Anta Group has in recent years developed its own athleisure brand AntapluS with its first store opening in 2018, but the business unit closed soon after.

Anta Group said in the announcement that Maia Active's business has a certain market influence among female consumers, especially in the yoga sports category and has potential for future growth.

The group's brand capacity in operation, retail and supply chain can help Maia Active better develop its competitive advantage in the Chinese market, said the group.

The acquisition is a good complementary to the group's women's business sector, which will enhance its goal to meet the diverse needs of consumers and further strengthen the group's brand portfolio, said the group.