Athletic Footwear & Apparel by Company
Athletic footwear and apparel is the business of selling shoes and clothes for sport and the sports-lifestyle that sits next to it. Nike and Adidas still set the scale, but the live fights are elsewhere: running specialists (On, HOKA, ASICS) taking the growth, China local groups (Anta, Li Ning) taking the home market, and a wholesale-to-Direct mix shift that is no longer one-directional.
The Athletic Footwear & Apparel sector on Sterling tracks 12 companies.
Athletic Footwear & Apparel at a Glance
- •Nike FY2026 revenue was $46.4 billion, essentially flat versus FY2025, with Greater China down 13% currency-neutral to $5.85 billion and Converse down 31% to $1.17 billion.
- •Adidas 2025 net sales were a record €24.8 billion. The Adidas brand grew 13% currency-neutral, with no Yeezy revenue after the 2024 sell-through of leftover inventory.
- •On crossed CHF 3.0 billion of sales in 2025 (up 30%) with a 62.8% gross margin. HOKA, inside Deckers, reached $2.59 billion in FY2026.
- •Anta reported RMB 80.2 billion of 2025 revenue, larger in USD (about $11.3 billion at the IRS 2025 average) than lululemon's $11.1 billion FY2025.
- •Nike Brand Direct fell to $17.7 billion in FY2026 from $18.8 billion, while wholesale rose to $27.5 billion. Digital was $8.6 billion, down from $9.6 billion.
- •Nike Brand footwear in FY2026 was manufactured 52% in Vietnam, 27% in Indonesia, and 16% in China. That concentration is why US tariff policy now shows up in gross margins.
- •Under Armour FY2026 gross margin was 45.5%, down 240 basis points, primarily from higher tariffs. VF's 10-K records the February 2026 Supreme Court IEEPA ruling and the replacement tariffs that followed.
Headline numbers
Revenue by company, latest fiscal year
Companies in this sector
| Company | Ticker | Archetype | HQ | Latest year | What to watch |
|---|---|---|---|---|---|
| Nike | NKE | Global generalist | Beaverton, US | FY2026 | Direct mix, Greater China, Converse reset |
| Adidas | ADDYY | Global generalist | Herzogenaurach, DE | CY2025 | Brand momentum after Yeezy, North America |
| Puma | PUM.DE | Global generalist | Herzogenaurach, DE | CY2025 | Reset after the 2025 sales decline |
| New Balance | Private | Global generalist | Boston, US | CY2024 | No public 2025 P&L |
| Anta Sports | 2020.HK | China group | Jinjiang, CN | CY2025 | FILA vs ANTA vs other brands |
| Li Ning | 2331.HK | China group | Beijing, CN | CY2025 | Low-single-digit growth vs Anta |
| On | ONON | Running specialist | Zurich, CH | CY2025 | Apparel mix, APAC, DTC productivity |
| Deckers (HOKA) | DECK | Running + lifestyle | Goleta, US | FY2026 | HOKA vs UGG mix |
| ASICS | 7936.T | Running specialist | Kobe, JP | FY2025 | Running vs Onitsuka Tiger |
| lululemon | LULU | Technical apparel | Vancouver, CA | FY2025 | Americas traffic vs international |
| Under Armour | UAA | Training | Baltimore, US | FY2026 | North America decline, tariff GM |
| V.F. Corporation | VFC | Outdoor + Active | Denver, US | FY2026 | Vans (Active) vs North Face (Outdoor) |
Wholesale vs Direct
Contract manufacturing
| Company | Layer | Disclosure |
|---|---|---|
| Nike | Footwear finished goods | 15 contract manufacturers, 95 factories in 11 countries. Vietnam 52%, Indonesia 27%, China 16% of FY2026 NIKE Brand footwear. Four contractors each >10%, 60% combined. |
| Nike | Apparel finished goods | 64 contract manufacturers, 321 factories in 34 countries. Vietnam 34%, Cambodia 15%, China 12% of FY2026 NIKE Brand apparel. Top six contractors 54% combined. |
| Nike | Cushioning components | Air Manufacturing Innovation (Beaverton, Dong Nai, St. Charles) plus contractors in China and Vietnam supply NIKE Air-Sole and other cushioning. |
| VF | Finished goods | FY2026: about 231 million units from about 216 independent contractor factories in about 24 countries. 13 distribution centers and 1,080 retail stores. |
Companies in the Athletic Footwear & Apparel sector (12)
Frequently asked questions
What is the Athletic Footwear & Apparel sector?
Athletic footwear and apparel is the business of selling shoes and clothes for sport and the sports-lifestyle that sits next to it. Nike and Adidas still set the scale, but the live fights are elsewhere: running specialists (On, HOKA, ASICS) taking the growth, China local groups (Anta, Li Ning) taking the home market, and a wholesale-to-Direct mix shift that is no longer one-directional.
Which companies lead the Athletic Footwear & Apparel sector?
Sterling tracks 12 companies in Athletic Footwear & Apparel, led by Nike (NKE), Adidas (ADDYY), lululemon (LULU), Anta Sports (2020.HK), V.F. Corporation (VFC) and Puma (PUM.DE).
How can I invest in the Athletic Footwear & Apparel sector?
Publicly traded names in Athletic Footwear & Apparel include Nike (NKE), Adidas (ADDYY), lululemon (LULU), Anta Sports (2020.HK) and V.F. Corporation (VFC). Compare them side by side on Sterling. Data last updated August 24, 2026.
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