Nike holds the biggest share of the global sportswear market and has become one of the largest and most recognisable brands on the planet. Years of continuous growth has been experienced by the company, interrupted only by Covid-19 in 2020. Now Nike has far outperformed its competitors and reached new record highs in apparel sales for 2022.
Nike grossed a high of US $ 78.3 billion from apparel sales in the last six years, nearly as much as Adidas and Puma combined, according to data presented by SportsLens.com. Also, while Adidas’ sales revenue dropped to 2017 levels, Nike’s apparel sales revenue jumped 50 per cent in six years.
The US-based sportswear giant has acquired several footwear and apparel companies over the years, including Converse, Cole Haan, Starter, Bauer Hockey, Umbro, and Hurley International.
The company sponsors some of the greatest names in sports including Rafael Nadal, LeBron James, Tiger Woods and Cristiano Ronaldo and provides uniforms for teams like Chelsea, Manchester United, Barcelona and Paris Saint-Germain.
These big deals have helped grow Nike’s apparel sales revenue by 50 per cent in six years, going from around US $ 9 billion in 2016 to US $ 13.5 billion last year.
Sales figures from the company were impressive in 2022 as a result of Black Friday and Cyber Monday in North America and the large Cyber Week in the EMEA region pushing up demand to record levels. Also, to reduce excess inventory and attract customers, Nike used steeper discounts and increased promotions.
Adidas, Nike’s biggest rival, on the other hand, saw apparel sales plunge in 2022. Last year the sportswear manufacturer cut ties with controversial music artist Ye, which halted sales of a line of shoes and apparel that pushed up the company’s profit margins and brought in billions for years. As a result, Adidas’ annual apparel sales revenue dropped by 5 per cent to US $ 9.3 billion, or back to 2017 levels.
Statistics show German sports brands grossed around US $ 65 billion from apparel sales in the last six years or 16 per cent less than Nike. Puma saw the biggest six-year revenue growth of 79 per cent.
Puma’s sales grew by 8 per cent in 2022, after a 17 per cent year-on-year revenue growth in 2021. Last year, the company grossed over US $ 3 billion from apparel sales, pushing its six-year revenue to over US $ 15.7 billion.
