China: Sportswear industry booming – Xinhua English.news.cn

China: Sportswear industry booming – Xinhua English.news.cn

Editorial responsibility of Xinhua.

(XINHUA) – FUZHOU, MARCH 29 – Sweatshirts with captivating Chinese characters. Coats covered with tiger stripes. Shoes with traditional floral motifs. Homemade Chinese sportswear is the latest fashion among the country’s younger generations, who are beginning to switch from international brands to locally produced ones.

Behind this Chinese fashion, called ‘guochao’, is a thriving Chinese sportswear industry and market fueled in part by the 2022 Beijing Winter Olympics, emerging as a new driving force for the country’s economic growth.

Anta Sports, a Chinese sportswear brand, released its data on March 22 showing that revenue in 2021 reached 49.3 billion yuan, up 38.9% from a year earlier. According to Euromonitor, a global market research firm, Anta Sports had 16.2% of the sportswear and footwear market share in China in 2021, surpassing Adidas’s 14.8% and approaching 25.2% of Nike, which accounts for the largest share.

With the rise of national brands comes more applications. “We will continue to promote technological innovation in performance sports and provide the best product experience for consumers with different purchasing power,” said Wu Yonghua, CEO of Anta Sports.

Other market players such as Li-Ning and Xtep are also worth considering. Xtep has not bowed to mounting downward pressure on the Chinese economy, exacerbated by sporadic outbreaks of Covid-19. In contrast, its revenue doubled compared to 2017, exceeding 10 billion yuan for the first time in 2021. (CONT’D)


Editorial responsibility of Xinhua.