Bags / Shoes & Accessories

According to news on June 15, affected by factors such as the small holiday in May, 520 and 618 pre-sale and other factors, domestic footwear and apparel brand Tmall platform sold well. According to data from third-party platforms, the GMV of Taobao sports shoes and clothing in May totaled 5.5 billion yuan, an increase of 1% year-on-year. Among them, the GMV of sports shoes was 3.6 billion yuan, an increase of 4% year-on-year. From the brand point of view, the sales of head sports brands are improving.

In recent years, the sports shoe track has maintained rapid growth, and the growth rate of the domestic market has been better. The CAGR has exceeded 10% in the past five years.

According to the data, the sports fashion trend that emerged around the world around 2010 has gradually increased the frequency of sports shoes in people's daily work, production and wearing. With the advantages of flexible matching of sports shoes and clothes and the style of multi-scenario application, sports shoes are expected to further affect the traditional formal wear demand. . With the continuous expansion of national fashion design and consumer demand as well as the demand for women's sports around the world, CICC believes that the market demand for sports shoes is expected to maintain stable growth in the future.

According to Euromonitor estimates, the global sports shoes market is expected to reach US$261.4 billion by 2026, with a CAGR of about 8.05% during the period. At the same time, the domestic sports shoes market in China is expected to reach RMB 337.7 billion in 2026, with a CAGR of about 9.44. %, under the background of a relatively high base, it is still expected to maintain a growth rate close to 10%.

Institutional analysis shows that the overall sports shoe market has achieved steady and cross-cycle growth, thanks to the rise of the global sports fashion trend, the expansion of demand in sub-sectors, and the upgrade of domestic consumer demand.

From the perspective of the value distribution trend of the sports shoe industry chain, CICC believes that the manufacturer of sports shoes has the best profitability and room for growth in the industry. Downstream brands have strong growth momentum. Brands occupy a dominant position in the industry chain and have the strongest profitability. The historical average gross profit margin in the industry remains at 40-60%, and the net profit margin remains between 5-20%.

In the future, under the trend of personalized consumption, the speed of the evolution of sports trends will be accelerated. It will be the general trend for brand owners to have a multi-product matrix layout and increase their technology research and development efforts. High requirements are placed on the differentiated design and production process of products in various segments, driving sports. Shoe-making enterprises improve their R&D and design capabilities.

In addition, it is worth mentioning that new environmentally friendly fabrics have become a new trend, which is environmentally friendly and comfortable at the same time. There are also more emerging brands that use the concept of "sustainability" throughout the product manufacturing process to reduce carbon emissions while enhancing comfort.