Athletic Footwear & Apparel
Athletic Footwear Channel
Wholesale vs Direct
Nike Brand Direct is 39% and still shrinking. Adidas and On are near 40% DTC. VF discloses DTC at 44%. lululemon is structurally Direct: stores plus e-commerce are 90% of sales.
WholesaleDirect / DTC
Nike Brand: wholesale is growing again
Direct fell from $21.5B in FY2024 to $17.7B in FY2026. Wholesale is back at $27.5B. Digital was $8.6B, down from $9.6B.
WholesaleNIKE Direct
Adidas wholesale vs DTC
Both channels grew in 2025. Wholesale is still the larger engine at €14.8B versus DTC €9.9B.
WholesaleDTC
On wholesale vs DTC
DTC grew faster (+33.7%) than wholesale (+27.5%) in 2025, but wholesale is still the larger channel.
WholesaleDTC
Owned store counts
Definitions differ by company. Nike 988 includes factory and Converse. VF 1,080 excludes 868 concessions. On publishes 'nearly 70' hubs, not a precise integer.
| Company | Owned stores | As of | Note |
|---|---|---|---|
| Nike | 988 | May 31, 2026 | US 347 (212 factory, 75 in-line, 60 Converse) and non-US 641 (537 factory, 50 in-line, 54 Converse). |
| VF | 1,080 owned; 868 concessions | FY2026 end | About 64% of owned stores in the Americas. E-commerce 18% of total VF revenue. |
| lululemon | 811 | February 1, 2026 | 44 net new company-operated stores in FY2025. |
| Deckers | 203 | March 31, 2026 | 141 UGG and 62 HOKA brand retail stores (105 concept, 98 outlet). |
| On | nearly 70 | December 31, 2025 | Own retail / brand hubs. Company does not publish a precise year-end integer in the PR. |
Nike Direct: digital vs stores
Digital fell from $9.6B to $8.6B in FY2026 on lower traffic. Store sales were $9.2B then $9.1B. Comparable store sales decreased 4%.
NIKE Brand DigitalNIKE stores
lululemon stores vs e-commerce
FY2025: company-operated stores $5.05B, e-commerce $4.92B, other channels $1.13B. Stores barely grew. E-commerce did.
Company-operated storesE-commerceOther channels
Under Armour wholesale vs DTC
Both large channels shrank in FY2026. Wholesale $2.83B, DTC $2.05B. License is a $107M third line.
WholesaleDirect-to-consumerLicense
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