Athletic Footwear & Apparel
Athletic Footwear China
China-exposed revenue
Anta as a group is larger in USD than Nike Greater China or Adidas Greater China. Li Ning is in the same zip code as Adidas Greater China. lululemon China Mainland is $1.76B and growing.
Nike Greater China, three years
Revenue from $7.55B to $5.85B. EBIT from $2.31B to $1.28B. Wholesale and Direct both fell in FY2026.
RevenueEBIT
Anta by brand
ANTA is still the largest slice. FILA China is close behind. Other brands (including Descente) grew 59% in 2025 and are the swing factor.
ANTAFILAAll other brands
lululemon by region
Americas is 71% of FY2025 revenue and down 1%. China Mainland is 16% and up 29%. The growth is not in Vancouver's home market.
Adidas Greater China
Sales €3.46B to €3.62B. Operating profit €714M to €802M. Brand currency-neutral growth was 13%. 2025 includes no Yeezy revenue.
Net salesOperating profit
lululemon China Mainland, three years
Revenue from $0.96B in FY2023 to $1.76B in FY2025. Company-operated stores in China Mainland were 172 at February 1, 2026.
ASICS Greater China
中華圏 segment sales ¥100.5B to ¥120.5B. Segment profit ¥19.3B to ¥25.1B. Reported growth 19.9%.
Segment salesSegment profit
Li Ning by channel
Franchise distributors are 46.6% of 2025 revenue and still growing. Direct-operated retail fell. E-commerce grew 5.3%.
Franchised distributorsE-commerceDirect operationOther regions
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