The Trump administration's trade war in 2025 created an environment in which U.S. and European companies suffered while giving advantages to Asian competitors, which produce and sell in the same market. In the sportswear segment, the share prices of market leaders dropped significantly compared to two years ago. This affected, for example, Nike, Adidas and Puma. While Nike also saw its revenue drop recently, Adidas' popular products, recently headed by retro sneakers, were able to achieve record sales and margins last year while still doubted by investors. Puma also lost market cap and revenue, but is currently in the process of restructuring.
China's sporting giant Anta meanwhile has seen revenues and share prices rise, as have those of smaller competitor Li Ning. Stock prices soared for Anta-controlled Amer Sports, which owns brands Arc’teryx, Atomic, Salomon und Wilson, as well as for Japan's Asics, which also capitalized on the retro trend with its Onitsuka Tiger and SportsStyle sneakers.
