In the first half of 2026, China's domestic sportswear market bid farewell to universal growth, as the performance divergence among four leading brands revealed a landscape of weakened consumption and structural opportunities. Anta Group maintained its top position with an estimated revenue of RMB 41-43 billion, while 361° emerged as the biggest surprise with high growth across all segments: its main brand and kids' wear saw mid-to-high single-digit retail growth, and e-commerce achieved high single-digit increases, all on a high base from 2025.
Roots of Divergence: Multi-Brand vs. Single Track
Anta's dominance is no accident. The group's 2025 H1 revenue was RMB 38.544 billion; in 2026, FILA and the Anta main brand grew at mid-single digits, while Descente and Kolon surged 35%-40%, with Kolon's quarterly growth exceeding 40%. As mass-market sportswear peaks, the outdoor segment has taken over as the growth driver, validating the multi-brand strategy's risk-hedging effect. Li-Ning faced a different challenge: its main brand saw low single-digit decline in Q2, with offline channels weak and only e-commerce growing at mid-single digits. The group relied on Li-Ning YOUNG kids' wear to stabilize overall revenue, but closed 28 main-brand stores year-to-date, signaling a strategic contraction to optimize channel quality.
Xtep and 361° are close in scale but diverge in trajectory. Xtep's main brand saw slight retail decline in H1, worsening in Q2, supported only by Saucony's low double-digit growth and overseas cross-border e-commerce doubling. In contrast, 361° saw robust growth in both main brand and kids' wear, with super stores reaching 187 units, adding 45 in Q2 alone. Its management also recruited a former Nike Greater China executive, signaling global ambitions.
Channel Precision: From Expansion to Optimization
The era of indiscriminate store expansion is over. Li-Ning net-closed 28 main-brand stores, Xtep accelerated DTC reform with over 200 stores recovered in H1, planning another 400. Anta maintained quality through strict inventory and discount control, with FILA's inventory-to-sales ratio below 5 months and discounts stable at 7.3%. 361° expanded super stores, but the focus remains on per-store efficiency, not sheer numbers. The industry consensus is clear: inventory turnover, terminal discounts, and per-store profitability now trump store count.
Niche Segment Dividends: Outdoor, Kids' Wear, and Running
Mass-market sportswear has hit a ceiling, while niche segments like premium outdoor, kids' wear, and professional running drive growth. Anta's Descente and Kolon, Xtep's Saucony, Li-Ning YOUNG, and 361° Kids all validate this trend. Notably, 361° Kids saw mid-to-high single-digit growth, leveraging family consumption scenarios. Saucony's Q1 growth exceeded 20%, though slowing in Q2, indicating sustained willingness to pay for functional products.