The first half of 2026 has delivered the most divergent performance in China's sportswear market. Anta Group is projected to exceed RMB 42 billion in revenue, maintaining its industry lead, while 361 Degrees emerged as the biggest dark horse with strong growth across all segments. Li Ning and Xtep faced pressure in their core brands amid channel adjustments. The era of broad growth has ended, with multi-brand strategy and niche segments becoming the key differentiators.
Anta: High-End Outdoor Drives Growth
Anta Group's first-half revenue is estimated between RMB 41 billion and 43 billion, far ahead of competitors. While Anta's core brand and FILA maintained mid-single-digit growth, the real growth engine came from the high-end outdoor portfolio—Descente and Kolon saw retail sales surge 35%-40% year-on-year, with growth still at 25%-30% in the weaker second quarter. Kolon's single-quarter growth even exceeded 40%.
This signals that in a market where mass sportswear growth is plateauing, the outdoor niche has successfully taken over as the growth driver. Anta's multi-brand strategy has proven its resilience through this cycle. FILA's inventory management also stands out, with inventory-to-sales ratios consistently below five months and offline discounts stable at 7.3%, leading the industry in operational quality.
361 Degrees: All-Segment Growth, Surprising Dark Horse
361 Degrees is the only one among the top four brands to maintain strong momentum across all segments. Its core brand and kids' wear saw mid-to-high single-digit growth offline, while e-commerce recorded high single-digit increases. This growth is built on a high base from the same period in 2025. The company is accelerating its superstore expansion, reaching 187 stores by end-June, adding 45 in a single quarter.
More notably, a former senior executive from Nike's Greater China operations has joined 361 Degrees, signaling ambitions to upgrade brand operations and global expansion. This suggests 361 Degrees is no longer content with its stronghold in third- and fourth-tier cities but is aiming higher.
Li Ning and Xtep: Offline Pressure, Channel Restructuring
Li Ning's core brand saw low-single-digit declines in total revenue in Q2, with both offline direct and wholesale channels weak. Only e-commerce achieved mid-single-digit growth. Li Ning YOUNG kids' wear acted as a stabilizer, keeping group revenue flat. The company is closing underperforming stores, with a net closure of 28 core brand stores year-to-date, while kids' wear added 52 stores.
Xtep's core brand saw a slight decline in first-half retail sales, with the drop widening in Q2. The brand is accelerating its DTC transformation, reclaiming over 200 stores in H1 and planning to reclaim another 400 in H2. The only bright spot is Saucony, which saw low-double-digit growth in H1, with Q1 growth exceeding 20%. Cross-border e-commerce also doubled, opening new growth avenues.
Industry Trends: Niche Segments and Refined Operations
The H1 data reveals two major trends. First, the growth ceiling for single mass-market sportswear brands is clear, with high-end outdoor, professional running, and kids' wear becoming growth engines. Anta's outdoor portfolio, Xtep's Saucony, Li Ning YOUNG, and 361 Degrees' kids' wear all validate the dividends of niche segments.
Second, the era of extensive store expansion is over, and the industry has entered a phase of refined channel management. Li Ning is closing inefficient stores, Xtep is accelerating DTC transformation, 361 Degrees is building superstores, and Anta is strictly controlling inventory and discounts. The focus has shifted from store count to inventory turnover, discount discipline, and per-store profitability.
For buyers, this means brands will demand more from supply chains: smaller batches, faster response times, and higher quality standards. For foreign trade companies, demand for production capacity in high-end outdoor and professional sportswear categories is rising, especially for functional fabrics like waterproof, breathable, and lightweight materials.