In the first half of 2026, the growth trajectories of China's four major sportswear brands diverged sharply from the broad-based gains seen in 2025. Anta Group's projected revenue of RMB 41-43 billion nearly tripled that of second-place Li-Ning (RMB 14.5-14.8 billion), while 361 Degrees, with an estimated RMB 6.1-6.3 billion, closely trailed Xtep's RMB 6.7-6.9 billion but grew at a much faster pace.
The Moat Effect of Multi-Brand Strategy
Anta Group's resilience stemmed from its high-end outdoor portfolio. Descente and Kolon saw retail sales surge 35%-40% year-on-year, maintaining 25%-30% growth even in a slowing Q2, with Kolon exceeding 40% in a single quarter. This shift means outdoor labels have taken over as growth drivers as Anta's core brand and FILA returned to mid-single-digit growth. FILA's inventory control remained industry-leading, with a sell-through rate consistently below five months and stable offline discounts at 27% off.
Li-Ning's performance highlighted the challenges of a single-brand strategy during a consumption slowdown. Its core brand posted low-single-digit declines across all platforms in Q2, with offline direct and wholesale channels both weak, offset only by mid-single-digit e-commerce growth. The company is now shrinking its store network, closing 28 main-brand stores in H1 while adding 52 Li-Ning YOUNG kids' stores, which helped keep total group sales flat.
The Divergence of Xtep and 361 Degrees
Xtep's core brand saw a slight retail decline in H1, deepening in Q2, but its professional running brand Saucony provided a bright spot with low-double-digit growth. The group is accelerating its DTC transformation, having reclaimed over 200 stores in H1 and planning to reclaim 400 more in H2—a move that pressures short-term results but should improve terminal profitability. Cross-border e-commerce doubled, opening new growth avenues.
In stark contrast, 361 Degrees was the biggest surprise. Its core brand and kids' wear both achieved mid-to-high single-digit growth offline, with e-commerce posting high-single-digit gains, all on top of a high base in 2025. The company is expanding its super stores, reaching 187 locations by end-June, adding 45 in Q2 alone. The appointment of a former Nike Greater China executive signals ambitions to upgrade brand operations and global expansion.
Industry Trends: From Scale to Efficiency
Two key trends emerge from the H1 2026 data. First, niche segments are driving growth. Anta's outdoor brands, Xtep's Saucony, Li-Ning YOUNG, and 361 Degrees' kids' wear all demonstrate that high-growth sub-sectors—outdoor, professional running, and kids' apparel—offer outperformance when mass-market sportswear growth plateaus. Second, channel strategies have shifted from store count to store quality. Li-Ning is closing underperforming stores, Xtep is moving toward DTC, 361 Degrees is building super stores, and Anta is tightening inventory and discount control. The industry has entered an era of refined operations.