Asics Chases Nike as Running Boom Reshapes Global Footwear Market
Asics has surged in the North American high-performance running market, as shifting consumer habits reshape the global athletic footwear sector. According to financial figures reported by The Hankyoreh, Asics posted record North American annual sales of 1411억엔(1조2천억원) at the end of December, more than double its 653억엔 revenue from 2020. Across the entire company, Asics generated 8109억엔 in total sales and 1425억엔 in operating profit, marking year-on-year increases of 19.5% and 42.4% respectively.
Global Running Surge Drives Asics Market Dominance
The recent boom in worldwide running has propelled Asics to the top of the high-performance footwear category. The Hankyoreh reported that Asics captured the number one spot in the 90-dollar-and-above premium running shoe market across five major countries, including the United States, Europe, and Japan, securing a 17.4% market share last year. In addition to performance running gear, the company’s “Sport Style” sector—which repurposes 1990s athletic shoes into lifestyle fashion—has drawn strong consumer demand, alongside steady sales from its Onitsuka Tiger brand.
Sixty-Year Corporate History Connects the Two Rivals
The two competing sportswear giants share a foundational history spanning more than six decades, originating from a distribution partnership that eventually fractured. Founded in 1964 as Blue Ribbon Sports (BRS), Nike started its business by importing and selling running shoes made by Asics precursor Onitsuka Tiger in North America. Nike’s official website notes that when the company incorporated in 1971, co-founders Phil Knight and Bill Bowerman were still distributing small shipments of Japanese running shoes while realizing their reliance on an outside supplier required an independent path forward. The business relationship ended in 1971, touching off a series of trademark and design lawsuits over the jointly developed Cortez running shoe.
Nike Faces Steep Revenue Declines and Market Pressures
While Asics expanded its global footprint, Nike experienced a pronounced downturn that challenged its decades-long dominance as the absolute market leader. The Hankyoreh reported that Nike’s annual sales fell 9.8% to 463억달러(61조3660억원) last year, while its stock price plunged nearly 80% from its 2021 peak.
Japanese Ministry Traces Asics Expansion Strategy
Asics built its recent comeback by strategically embedding itself within international endurance communities. A May report from Japan’s Ministry of Economy, Trade and Industry detailed how Asics acquired running event businesses across the United States, Japan, Europe, and Australia to establish direct contact with roughly 18 million runners annually. The ministry noted that Asics utilizes this connected runner network to deliver centralized product and service information, fueling sales growth and worldwide business expansion.
Market Capitalization Gap Narrows Between Rivals
According to The Hankyoreh, the Nihon Keizai Shimbun observed that a market capitalization reversal between Nike, valued at 8조8천억엔, and Asics, valued at 3조4천억엔, is no longer a distant scenario as competitors close in on the longtime market king.
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