Athletic Footwear & Apparel
Athletic Footwear Running
Running-exposed specialists
ASICS, On, and HOKA in USD at last report. These are not Circana running-share numbers. On and ASICS still sell lifestyle product, and HOKA now sells trail and lifestyle too.
HOKA vs UGG inside Deckers
HOKA grew 16% to $2.59B in FY2026. UGG is still slightly larger at $2.74B. The running brand has not yet become the whole company.
HOKAUGG
On is still shoes
Apparel and accessories reached 7.0% of 2025 sales, up 190 basis points, from a small base. The toe-to-head story is early.
ShoesApparelAccessories
On by region
APAC nearly doubled in 2025 and crossed CHF 500 million. Americas is still more than half of sales.
AmericasEMEAAPAC
On net sales, three years
CHF 1.79B in 2023, CHF 2.32B in 2024, CHF 3.01B in 2025. Reported growth held near 30% in both years.
ASICS by category
Performance Running is still the largest slice. SportStyle and Onitsuka Tiger each crossed ¥100B in 2025 and grew faster than running.
FY2024FY2025
ASICS by region
Europe is the largest ASICS region in FY2025, then Japan. Greater China is fourth. These are segment sales and do not sum to group net sales.
ASICS sales and operating income
Group sales ¥678.5B to ¥810.9B. Operating income ¥100.1B to ¥142.5B. Operating margin 14.8% to 17.6%.
Net salesOperating income
HOKA wholesale vs DTC
HOKA is still wholesale-led. Wholesale grew 18% to $1.65B in FY2026. DTC grew 12% to $0.94B. This is not a HOKA versus UGG comparison.
WholesaleDirect-to-Consumer
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