British media said that China’s rise in a fitness boom supported by the government has boosted the performance of local sportswear brands and foreign brands such as Adidas and Nike, which are driven by the upgrading of consumers and the embrace of “sports and leisure wear†fashion trends. Expanded market share.
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According to a report by the Financial Times website on March 21, Adidas said this month that its sales in Greater China grew by 28% last year - the fastest growing in all regions - and promoted global net profit growth by more than 60%. Nike reported that its sales in China had achieved "double-digit" growth in the most recent quarter. For Adidas and Nike, Greater China is their second largest market. The two brands together accounted for one-third of the sales of sportswear in China.
According to the report, in mid-March, after CCTV reported that Nike had made false propaganda on certain products - involving 300 pairs of shoes - Nike expressed "a sincere apology." This move underlines the importance of the Chinese market to Nike.
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According to data from consulting firm Euromonitor, last year China's sportswear sales increased by 11% to 187 billion yuan. In contrast, overall sales of garments only increased by 5%.
Analysts said that in the eyes of Chinese consumers, Nike, Adidas and New Balance are not just sports brands but fashion labels—these brands have higher prices than local brands. UBS analyst Liang Yuchang said: “International brands are still very strong in shaping fashion trends, especially in the women's market.†Their sales growth is due to the upgrading of consumer income, and consumers are increasingly accepting leisure. And the workplace is dressed in sportswear.
Reported that ordinary fashion companies feel this change. Belle International Holdings, which is China's second-largest shoe company by sales, stated that in 2016, its footwear sales fell 9% year-on-year, while sales of sports shoes increased by 16%. Belle's chairman Sheng Baijiao said: "Only sports and leisure shoes contrarian growth." He added that people are more and more casual in the office.
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It is still widely considered that local brands imitating overseas design innovations are also beneficiaries of this boom. As more Chinese began to exercise, sales of local brands grew rapidly.
According to data from a research institute, last year, the number of Chinese fitness members doubled from 2008 to 6.6 million. Running has become a popular leisure activity. Last year China hosted more than 100 marathons, compared with 51 in 2014. Nowadays, yoga practitioners are estimated to grow from 4 million in 2009 to more than 10 million.
The Chinese government has also promoted the sports boom. Matthew Crabbe, an analyst at research firm Mintel, said: "The people have started to engage in sports, so the government's initiative has indeed helped to promote this trend."
Analysts said that the fitness boom has brought greater benefits to the mid-range local brand market because consumers value the price and practicality rather than the fashion symbol when exercising.
According to reports, last month, Anta stated that the company’s net profit in 2016 increased by 17% to a record RMB 2.4 billion. Anta's operating margin was 24% last year, compared with about 14% for Nike and 8% for Adidas. Anta has increased its popularity by sponsoring the delegation of the 2016 Olympic Games in China. At the same time, the sale of the famous Italian sports brand FILA (Anta's distribution rights for the brand in China in 2009) has also boosted ANTA's revenue.
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Chen Ke, a partner of consulting firm Roland Berger, said that in this trend of upgrading consumers and increasing exercise, low-end local brands will become relative losers. He predicted that in the next five years, the annual growth rate of such enterprises will be less than 3%, and the entire market is expected to grow by 8% annually.
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