In the first half of 2026, China's sportswear market witnessed its most pronounced performance divergence in recent years. Anta Group is projected to achieve revenue between 41 and 43 billion RMB, maintaining its leading position, while 361° emerged as the biggest dark horse with robust growth across all segments. Li-Ning and Xtep both faced pressure on their core brands but sought breakthroughs through niche segment deployment and channel adjustments.
Data Reveals Industry Divergence
From a revenue perspective, Anta remains the undisputed leader. In the first half of 2025, Anta reported revenue of 38.544 billion RMB. Although growth slowed in the second quarter of 2026 due to the macroeconomic environment, FILA's inventory-to-sales ratio remained below five months, and terminal discounts were maintained at 7.3% off, demonstrating industry-leading operational quality. Descente and Kolon saw retail scale surge 35-40% year-on-year in the first half, maintaining 25-30% growth in Q2, with Kolon's single-quarter growth exceeding 40%. This confirms the risk-resilience of a multi-brand strategy during cyclical fluctuations.
Li-Ning's revenue for the first half of 2026 is estimated at 14.5-14.8 billion RMB, ranking second. However, its core brand recorded low single-digit declines across all platforms in Q2, with offline direct and wholesale channels both weakening, while e-commerce achieved mid-single-digit growth. By the end of June, the core brand's store count had decreased by 28 to 6,063, while the children's wear brand Li-Ning YOUNG expanded against the trend, adding 52 stores in the quarter. This proactive channel restructuring reflects the company's focus on terminal efficiency.
Xtep and 361° are similar in scale but follow distinct growth paths. Xtep's core brand saw retail sales decline slightly year-on-year in the first half, with the decline widening in Q2. Its DTC channel reform accelerated, with over 200 stores reclaimed in the first half. Saucony became the sole growth driver, with low double-digit growth in the first half and over 20% growth in Q1, while overseas cross-border e-commerce achieved doubled growth.
361° is the only brand among the four to maintain high prosperity across all segments. Its core brand and children's wear achieved mid-to-high single-digit growth in offline retail, and e-commerce saw high single-digit growth, all built on a high base from the same period in 2025. Its superstore expansion accelerated, reaching 187 stores by the end of June, with a net increase of 45 stores in a single quarter. The management team recently added a former Nike Greater China executive, which is expected to further upgrade brand operations and global expansion.
Niche Segments Become Growth Engines
The ceiling for single mass-market sportswear brands has become apparent. Anta's outdoor portfolio, Xtep's Saucony, Li-Ning YOUNG, and 361°'s children's wear all validate the dividends of niche segments. Premium outdoor, professional running, and children's wear are becoming key levers for brands to counter cyclical fluctuations.
Channel strategy differentiation is also widening the gap between brands. The era of extensive store expansion is over, and the industry has entered a phase of precision operations. Li-Ning is closing inefficient stores, Xtep is accelerating DTC conversion, 361° is building superstores, and Anta is strictly controlling inventory and discounts. Brands are no longer simply pursuing store count but focusing on inventory turnover, terminal discounts, and per-store profitability.