2024年运动服装报告（英）

This report does not constitute a rating actionSector Update SportswearRobust growth prospects amid intensifying competitionJune 25, 2024Salvio Cascarino | Associate Director– Consumer Goods – EMEAArianna Valezano, CFA | Senior Analyst – Consumer Goods – EMEARocco Semerano | Director Lead Analyst – Consumer Goods – EMEARaam Ratnam | Managing Director, Sector Lead– Consumer & Retail– EMEA2ContentsIndustry overview and key takeaways3Selected rated entities in sportswear14Selected rated entities’ business and financial considerations17Recent rating actions and publications24S&P Global Ratings contacts273Industry Overview And Key TakeawaysKey Takeaways4The sportswear industry has solid growth prospects. Demand is underpinned by the increasing number of women in sports, the casualization of dress codes, and continued penetration in APAC. Short-term challenges in 2024 relate to how quickly consumer confidence recovers. Competitive pressures will remain high; from local brands such as Anta in China, newer brands such as OnRunning and Hoka, and well-performing brands like lululemon and New Balance.We expect volumes and product innovation will drive growth in 2024, with a moderate price contribution as inflation eases. A step up in marketing expenses to support previous price hikes and promote new products could weigh on profitability expansion. As inventory levels gradually normalize, we expect a more subdued promotional environment.The sportswear industry has a global and complex supply chain with more than 80% of suppliers located in APAC. Geopolitical tensions and conflicts pose risks to the efficient functioning of the supply chain. Disruptions in the Red Sea created temporary product availability issues, caused delays in shipments, and increased freight costs, but most large brands have been able to navigate these challenges. The direct-to-consumer channel (including e-commerce) remains a key focus, ensuring brand visibility and proximity to consumers, however wholesale partners have a critical role in attracting a more diverse consumer base and managing high volumes.Sportswear companies’ strategies around environmental and social topics are central to preserving their license to operate and protecting brand reputation. We expect an increasing focus on sustainable products, led by eco-friendly materials, while maintaining core competencies based on the performance benefits of sports apparel and footwear.5Historical and projected development of total global sportswear sales by retail value -30-20-1001020300100200300400500600YoY growth (%)(Bil. $)Industry Growth Prospects | Solid Growth Projected To Continuee--Estimate. YoY--Year-on-year. Source: Euromonitor, Statista.• As of 2023, the value of the global sportswear industry is close to US$395 billion at retail value selling price, growing with a CAGR of about 4.5% over 2009-2023. Sportswear has recovered quickly following the pandemic; retail value in 2021 had already exceeded 2019 levels.• Sportswe