The two tranches of convertible bonds were sold entirely to entities controlled by Hillhouse Capital, and will finance an international push for Xtep’s K-Swiss and Palladium brands. K-Swiss hit a high water mark of about $500 million in global sales in 2006, most of that coming from the U.S., while Palladium has always been more of a niche brand. Xtep noted in its annual results that it was planning a reboot of the K-Swiss business. The company is smaller than home market competitors Anta and Li Ning, and struggled during the pandemic year, posting 30% lower profits on a small ... Log in to view full article.