Retail data from China's top four sportswear brands in the first half of 2026 reveals a market entering deep divergence. Anta Group maintained its top position with an estimated revenue of RMB 41-43 billion, while 361° emerged as the biggest variable with across-the-board high growth—its core brand and kids' wear both achieved mid-to-high single-digit increases, and e-commerce grew at a high single-digit rate. Meanwhile, Li-Ning and Xtep saw declines in their core brands, signaling the end of the 'universal growth' era.
Performance Divergence: Multi-Brand and Niche Segments Decide Winners
Anta Group's resilience was most evident. Its core brand and FILA saw growth slow to low single digits in Q2, but Descente and Kolon—two high-end outdoor brands—surged 35%-40% in retail sales in H1, with Kolon's Q2 growth exceeding 40%. This validates the value of a multi-brand portfolio in mitigating single-market volatility and highlights the high-end outdoor category as a new profit growth engine.
361° was the only brand to achieve across-the-board growth. Its core brand's offline retail grew mid-to-high single digits, kids' wear performed strongly, and this growth was built on a high base from 2025. Its 'super store' count increased by 45 in six months to 187, and the appointment of a former Nike Greater China executive signals a systematic upgrade in brand operations and global expansion.
Li-Ning and Xtep faced core brand headwinds. Li-Ning's core brand recorded low single-digit decline in Q2, with offline direct and wholesale channels weak; e-commerce was the only channel to achieve mid-single-digit growth. Store count fell by 28, with kids' wear providing the only incremental growth. Xtep's core brand retail sales fell slightly, with a larger Q2 decline, but Saucony provided key support with low double-digit growth and a doubling of cross-border e-commerce sales.
Channel Transformation: From Scale to Precision
Data clearly shows the end of the store expansion era. Li-Ning is proactively closing underperforming stores, while Xtep accelerates its DTC transition, reclaiming over 200 stores in H1 and planning 400 more in H2. Anta controls inventory and discounts tightly (FILA inventory-to-sales ratio below 5 months, discounts maintained at 7.3% off) to protect margins.
361°'s 'super store' expansion represents an alternative path: increasing per-store area and product mix to achieve higher revenue per store. This 'quality-first' strategy aligns with the industry trend—companies no longer chase store count but focus on inventory turnover, terminal discounts, and per-store profitability.
Category Opportunities: Outdoor, Kids' Wear, and Professional Running
Data shows three sub-categories are absorbing industry growth. In outdoor sports, Anta's Descente/Kolon and Xtep's Saucony both achieved double-digit growth, indicating rising demand for professional functionality and premium experiences. In kids' wear, Li-Ning YOUNG and 361° Kids contributed stable increments, serving as important buffers against core brand declines.
The professional running category also stood out. Xtep's Saucony grew low double digits in H1, with Q1 growth exceeding 20%, showing that consumers are willing to pay a premium for 'professionalism' and 'experience' amid macroeconomic pressure. This means functional fabric upgrades (lightweight, quick-dry, tear-resistant) and differentiated design will be the next competitive focus for buyers and factories.