Beijing, September 06, 2024, The Europe Today: China’s leading sportswear brands—Anta, Li-Ning, Xtep, and 361—achieved significant revenue growth in the first half of 2024, collectively surpassing the 60-billion-yuan (8.3 billion U.S. dollars) milestone. This marks a strong showing for domestic sports brands amidst increasing competition in the Chinese market.
Anta Group led the growth with a revenue of 33.735 billion yuan (4.76 billion U.S. dollars), reflecting a 13.8 percent increase year-on-year. The company’s net profit rose 13.6 percent to 8.66 billion yuan (1.22 billion U.S. dollars). Li-Ning, the second-largest Chinese sportswear brand, posted a revenue of 14.35 billion yuan (2.02 billion U.S. dollars), with a modest 2.3 percent growth, though its net profit dropped by eight percent to 1.95 billion yuan (0.28 billion U.S. dollars).
Xtep recorded a 10.4 percent increase in revenue, reaching 7.203 billion yuan (1.02 billion U.S. dollars), with a 10.9 percent rise in net profit to 1.094 billion yuan (0.15 billion U.S. dollars). Meanwhile, 361 reported the highest revenue growth rate among the four, at 19.25 percent, with its earnings reaching 5.141 billion yuan (0.73 billion U.S. dollars), and net profit climbing 12.2 percent to 789.7 million yuan (111.39 million U.S. dollars).
International brands Nike and Adidas also experienced positive growth in the Chinese market. Nike recorded a revenue of 28.129 billion yuan (3.97 billion U.S. dollars), up 3.8 percent, securing second place behind Anta. Adidas saw a 4.2 percent rise, with revenue reaching 13.17 billion yuan (1.86 billion U.S. dollars).
With several key sporting events scheduled in China for the latter half of the year, Chinese sportswear brands are optimistic about continued growth. “Anta Group remains healthy in all aspects internally. Achieving double-digit growth is very likely, and we are ready to take on the challenge,” an Anta official stated during the revenue briefing.
