Consumption is now the main driver of China’s GDP growth. Retail sales have been growing healthily for two decades, bringing the world's consumer goods brands and retailers to China. Many have entered or developed through acquisitions, spanning strategic partnerships with China’s most established players, and buy-outs of challenger brands. Such acquisitions are now offering much more than just market access. Chinese firms have been rapidly developing capabilities in brand development, online channel management and product innovation, capabilities that are attuned to the demands of the Chinese market. In parallel, there has been growth in the number of Chinese players hunting for heritage brands in Europe and the US ready to bring back to China. While the previous wave was in food and fashion, the current wave is in sports and leisure, reflecting the evolution of consumption in China.