Sportswear Brands' Half-Year Report: Anta's Outdoor Portfolio Leads, 361 Degrees Emerges as Dark Horse

In the first half of 2026, China's four major sportswear brands all saw slower revenue growth, but Anta and 361 Degrees bucked the trend with their outdoor portfolio and broad-based growth, respectively, intensifying industry divergence.

Data Insight: Revenue Tiers Stable, Growth Diverges

Anta maintained a commanding lead with estimated H1 revenue between RMB 41-43 billion. Its main brand and FILA grew at mid-single digits, while high-end outdoor brands Descente and Kolon surged 35%-40%, becoming the strongest growth engine. Li-Ning ranked second with estimated revenue of RMB 14.5-14.8 billion, but its main brand saw low single-digit decline in Q2. Xtep and 361 Degrees formed the second tier, with estimated revenues of RMB 6.7-6.9 billion and RMB 6.1-6.3 billion, respectively, but with starkly different growth paths: Xtep's main brand retail fell slightly, while 361 Degrees maintained high growth across all segments.

Outdoor and Kids Wear: Niche Segments as New Engines

Growth drivers have shifted from mass-market sportswear to high-end outdoor, professional running, and kids wear. Anta's outdoor portfolio (Descente, Kolon) maintained 25%-30% growth in Q2, with Kolon exceeding 40% in a single quarter, showing resilience in high-end outdoor consumption. Xtep's professional running brand Saucony achieved low-double-digit growth in H1, with Q1 growth exceeding 20%, becoming its only growth pillar. In kids wear, both Li-Ning YOUNG and 361 Degrees Kids contributed stable increments, especially 361 Degrees Kids, which saw mid-to-high single-digit offline retail growth, validating the potential of the children's sportswear market.

Channel Transformation: From Quantity to Quality

Extensive store expansion has fully shifted to refined operations. Li-Ning net closed 28 main-brand stores in H1, focusing on eliminating underperforming outlets. Xtep accelerated DTC transformation, reclaiming over 200 stores in H1 and planning to reclaim 400 more in H2. In contrast, 361 Degrees expanded its super stores to 187 by end-June, adding 45 net stores in a single quarter. Anta maintained terminal operational quality by strictly controlling inventory and discounts (FILA's inventory-to-sales ratio below 5 months, offline discount at 7.3%). These moves indicate that companies no longer chase store count but prioritize inventory turnover, per-store profitability, and channel efficiency.

361 Degrees: Strategic Adjustments Behind Broad-Based Growth

361 Degrees was the biggest dark horse in H1, with mid-to-high single-digit offline retail growth for its main brand and kids wear, and high single-digit e-commerce growth, all built on a high base in H1 2025. Its super-store expansion strategy proved effective, and the hiring of a former Nike Greater China executive is expected to further upgrade brand operations and globalization. This shows that precise channel strategies and brand upgrades can still open growth space even when the industry is under pressure.

Industry Implications: Refined Operations as Key to Breakthrough

H1 2026 data clearly indicates that the growth ceiling for single mass-market sportswear brands has been reached. Multi-brand portfolios and niche segment cultivation have become core differentiators. For buyers and factories, this means order structures will change: demand for high-end functional fabrics, kidswear-specific materials, and outdoor gear will continue to grow, while competition for basic mass-market fabrics will intensify.

For Buyers - Focus on growing demand for high-end outdoor and kids wear fabrics, prioritizing functional materials such as waterproof, breathable, warm, and lightweight options. - Establish closer inventory coordination with brands to adapt to their refined operations requiring small-batch, multi-frequency procurement. - Evaluate suppliers of professional brands like Saucony and Descente to capture niche segment orders.

For Foreign Trade Enterprises - Overseas cross-border e-commerce has become a new growth point for brands like Xtep; consider supporting supply chain services for their overseas warehouses. - 361 Degrees' globalization is accelerating; proactively connect with its new management team's overseas procurement needs. - Be cautious of demand volatility from mass-market sportswear brands and shift toward high-value-added, functional products.