In the first half of 2026, China's domestic sportswear market delivered its report card, but the era of universal growth has ended. Anta Group is estimated to exceed revenue of RMB 41 billion, while 361° emerged as the biggest variable with robust growth across all segments. The two brands have carved distinct paths in niche sectors and refined channel management.
Revenue echelon divergence intensifies
Based on disclosed data, Anta Group maintains a dominant lead, with H1 2026 revenue estimated between RMB 41-43 billion, primarily driven by 35-40% year-on-year growth from high-end outdoor brands like Descente and Kolon. Li-Ning ranks second with RMB 14.5-14.8 billion, but its core brand saw low single-digit decline in Q2, with overall brand performance flat. Xtep and 361° form the second tier, with estimated revenues of RMB 6.7-6.9 billion and RMB 6.1-6.3 billion respectively, but with significant differences in growth quality: 361° achieved medium-to-high single-digit growth across its main brand, children's wear, and e-commerce, while Xtep's main brand saw a slight decline.
All four brands experienced a common trend of slowing growth in Q2. Weak macro consumer confidence, extreme weather impacting offline traffic, and intensified price competition across channels are the triple pressures facing the entire industry. However, each company has charted a different course based on its brand structure and channel strategy.
Anta: Multi-brand cycle hedging, outdoor becomes growth ace
Anta is the most resilient leader among the four. Its core brand and FILA maintained medium single-digit growth in H1, with FILA's inventory control outstanding, a sell-through rate consistently below five months, and uniform 7.3% discounts offline, leading the industry in operational quality. The group's biggest growth highlight comes from the high-end outdoor portfolio, with Descente and Kolon seeing a 35-40% surge in retail scale year-on-year, maintaining 25-30% high growth in Q2, and Kolon's single-quarter growth exceeding 40%. Against the backdrop of plateauing mass-market sports growth, the outdoor niche segment has successfully shouldered the growth banner, validating the long-term value of the multi-brand strategy.
361°: Strong growth across the board, biggest dark horse of H1
361° is the only brand among the four leaders to maintain high prosperity across all segments. Its main brand and children's wear saw medium-to-high single-digit growth in offline retail, with e-commerce traffic rising by high single digits, all built on a high base from the same period in 2025. On the channel side, it accelerated the expansion of super stores, reaching 187 stores by end of June, with a net addition of 45 stores in a single quarter. The management team saw a major shakeup with the addition of a former Nike Greater China executive, which is expected to further upgrade brand operations and global expansion.
Li-Ning and Xtep present different challenges. Li-Ning's core brand saw weakness in both offline direct and wholesale channels, with only e-commerce achieving medium single-digit positive growth. Its main brand stores saw a net closure of 28 stores year-to-date, while children's wear stores expanded by 52. Xtep's main brand saw a slight year-on-year decline in H1 retail, but its Saucony professional running brand achieved low double-digit growth, and overseas cross-border e-commerce doubled, becoming the sole growth pillar.
Niche segments and refined channels are key to breakthrough
From the H1 2026 data, two major industry trends are clear. The growth ceiling for single mass-market sports brands is emerging, with high-growth niche segments like high-end outdoor, professional running, and children's wear becoming growth engines. Anta's outdoor, Xtep's Saucony, Li-Ning YOUNG, and 361°'s children's wear all validate the dividends of niche segments. The era of extensive store expansion is over, and the industry has fully entered a phase of refined channel management. Li-Ning is closing inefficient stores, Xtep is accelerating DTC transformation, 361° is building super stores, and Anta is strictly controlling inventory and discounts. Companies are no longer simply pursuing store count but are focusing on inventory turnover, terminal discounts, and single-store profitability.
The domestic sportswear industry has officially transitioned from a scale expansion phase to a new stage of high-quality, refined operations. For purchasers and factories, this means product development must focus more on high-growth niche segments, and channel cooperation must emphasize terminal efficiency.