Bain Capital is acquiring South Korean activewear company Echo Marketing, owner of popular athleisure brand Andar, in a deal valued at approximately KRW497 billion ($344 million, €327 million). The transaction signals growing private equity interest in Asia’s expanding activewear and wellness consumer segments.
The US investment firm announced Friday it will purchase a 43.7 percent stake in Echo Marketing from the company’s founder and another shareholder for KRW216.6 billion ($150 million, €143 million), according to a regulatory filing. Bain Capital is also launching a tender offer for the remaining roughly 56.4 percent stake at KRW16,000 ($11.09, €10.54) per share, the same valuation.
Echo Marketing shares surged 30 percent to KRW13,910 ($9.64, €9.16) following the announcement, reflecting investor confidence in the deal’s potential to unlock value and accelerate expansion plans.
Andar positions Bain in growing athleisure market
Echo Marketing holds a 57 percent stake in Andar, a fast-growing activewear brand it acquired in 2021. The brand has built strong recognition in South Korea through its focus on comfort-driven design and lifestyle-oriented fitness apparel, appealing to consumers prioritizing both performance and everyday wearability.
Beyond its domestic market, Andar has established retail presence in Japan, Australia and Singapore, demonstrating its potential for regional scalability. This geographic footprint likely factored into Bain Capital’s investment thesis, as demand for premium activewear continues expanding across Asia-Pacific markets.
Industry analysts consider Andar a formidable local rival to global giants like Lululemon in the Korean market. Since acquiring the brand in 2021, Echo Marketing has transformed it into South Korea’s premier athleisure label, with activewear becoming the company’s primary revenue driver. Clothing, mostly under the Andar brand, accounted for 62.5 percent of total sales in 2024, up from 47.9 percent in 2022.
Strong financial trajectory attracts private equity
For 2026, consensus estimates project Echo Marketing to generate sales of KRW482.7 billion ($335 million, €318 million), a 9.1 percent year-on-year increase, with a net profit of KRW47 billion ($33 million, €31 million). The firm is well-positioned to capitalize on South Korea’s growing health consciousness and the continued athleisure trend, where performance wear is increasingly used as everyday clothing.
The acquisition adds to a broader pattern of global private equity firms targeting South Korean companies with strong domestic brands and scalable business models. Bain Capital’s move reflects strategic confidence in the continued growth of athleisure and wellness-focused consumer categories in Asia, particularly markets where rising disposable incomes are driving premiumization.
The transaction remains subject to regulatory approvals and the outcome of the tender offer. If successful, Bain Capital would gain full control of Echo Marketing, positioning the firm to drive operational improvements and potential international expansion for the Andar brand.
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