全球體育用品報告

Sporti

ngGoods

2023The

need

for

resilience

in

a

world

in

disarrayDisclaimer:This

work

is

independent,

re?ects

the

views

of

the

authors,and

has

not

been

commissioned

by

any

business,

government,or

other

institution.Sporti

ngGoods

2023The

need

for

resilience

in

a

world

in

disarrayForewordThe

World

Federation

of

Sporting

Goods

Industry

(WFSGI)

and

McKinsey

&

Company

have

teamed

uponce

again

to

present

our

third

annual

Sporting

Goods

Industry

Report

–

“Sporting

Goods

2023

–The

need

for

resilience

in

a

world

in

disarray.”After

the

industry

recorded

a

widely

positive

performance

in

2021,

the

past

year

has

seen

multiplechallenges,

including

the

threat

of

global

recession,

war

in

Europe,

continued

supply

chain

challenges,and

rapidly

rising

interest

rates;

all

contributing

to

a

world

in

disarray.This

third

edition

of

this

report

drills

into

the

dynamics

driving

performance

in

the

sporting

goods

industry.It

sets

out

areas

in

which

sporting

goods

companies

have

outperformed

and

faced

challenges

in

the

past12

months,

with

deep

dives

into

the

US

and

China,

the

largest

global

markets.

In

addition,

it

explores

howthe

industry

can

boost

its

resilience

to

the

current

storm.

As

in

past

editions,

we

focus

on

key

trends

thathave

impacted

the

industry

of

the

past

year

and

will

shape

performance

in

2023

and

beyond.

We

highlightthe

ever-increasing

importance

of

branding,

show

how

companies

are

responding

to

the

sustainabilityimperative,

and

provide

new

insights

into

the

nearshoring

trend.

We

also

zoom

in

on

the

value

the

industryis

creating

and

how

that

is

attracting

the

attention

of

the

private

investment

community.In

this

third

edition,

we

dedicate

even

more

space

to

our

feature

interviews

with

industry

executives

andexperts.

We

are

grateful

for

their

insights

into

the

evolution

of

business

and

for

their

honesty

in

sharingthe

strategies

enabling

them

to

navigate,

and

often

thrive,

in

the

current

environment.In

many

ways,

the

sporting

goods

industry

is

in

a

fortunate

position.

Compared

to

many

other

industries,the

past

two

years

have,

in

aggregate,

been

characterized

by

solid

growth,

equaling

or

outperformingpre-pandemic

levels.Looking

to

2023,

there

are

clouds

on

the

horizon.

Rising

costs,

the

looming

threat

of

recession,

andcontinuing

operational

challenges

are

set

to

create

headwinds

early

in

the

year.

In

response,

companies

areunder

urgent

pressure

to

embed

resilience

into

their

operations.

That

will

mean

going

beyond

raising

prices

toboost

productivity,

manage

cash

more

rigorously,

and

?nd

the

right

balance

between

saving

and

investment.We

see

this

as

the

beginning

of

a

time

that

will

be

more

challenging

to

navigate,

but

with

positivemegatrends

driving

performance:

in

the

mid-to-long-run,

we

expect

a

more

constructive

picture,building

on

one

of

the

lasting

e?ects

of

COVID-19,

the

general

increase

in

health

awareness.

During

thepandemic,

consumer’s

increased

focus

on

health

and

wellbeing

has

been

one

of

the

key

drivers

of

theindustry’s

fast

recovery,

primarily

driven

by

increasing

interest

in

sports

from

new

customers

(as

shownby

growing

beginners’

product

sales).Nevertheless,

globally,

we

still

face

signi?cant

health

risks

relating

to

higher

levels

of

inactivity:81

percent

of

adolescents

and

27.5

percent

of

adults

currently

do

not

meet

WHO’s

recommendedlevels.

In

2018,

the

WHO

published

the

Global

Action

Plan

on

Physical

Activity

(GAPPA),

which

set

outevidence-based

recommendations

for

all

countries

to

increase

physical

activity

levels

by

10

percentby

2025

and

15

percent

by

2030.

The

WHO’s

recent

Global

Status

Report

on

Physical

Activity

2022showed

that

global

implementation

of

the

policy

actions

“has

been

slow

and

uneven.”

The

report

notesthat,

“Aconsequence

of

this

“inaction”

is

that

already

stretched

health

systems

are

burdened

withpreventable

disease

today

and

even

more

so

in

the

future,

and

communities

fail

to

bene?t

from

thewider

social,

environmental,

and

economic

bene?ts

associated

with

more

people

being

more

active.”

Inaddition,

recent

WHO

data

shows

that

the

projected

cost

of

inaction

will

add

an

additional

$301.8

billionto

the

global

health

budget

.

It

is

therefore

clear

that

a

lot

can,

and

must,

be

done

to

promote

sportsfurther

and

close

the

physical

activity

gap.

Global

change

on

this

level

is

beyond

the

capacity

of

thesporting

goods

industry

alone,

and

multistakeholder

action

is

critical

to

achieve

the

GAPPA

goals.One

of

the

truisms

of

sporting

success

is

that

“the

harder

the

battle,

the

sweeter

the

victory.”

Over

thecoming

12

months,

sporting

goods

companies

have

an

opportunity

to

put

this

to

the

test,

aiming

tonavigate

the

recessionary

wave

and

emerge

more

robust

for

the

medium

and

long

terms.

We

hope

thisreport

will

support

you

in

making

the

right

decisions

for

2023.

Thank

you

for

reading,

and

we

welcomeyour

feedback

and

comments.4Sporting

Goods

Report

2023Table

of

contentsForeword46ContributorsAcknowledgments8Executive

Summary9Sporting

Goods

2023

at

a

glance121416222834Interview

–

Barbara

Martin

Coppola,

Chief

Executive

O?cer,

DecathlonEconomic

environment

–

Navigating

the

recessionary

wavePerformance

of

the

industry

-

US

–

Between

a

rock

and

a

hard

placePerformance

of

the

industry

-

China

–

China’s

long

horizonsInterview

–

Colin

Browne,

Interim

President

andChief

Executive

O?cer,

Under

ArmourInterview

–

Tim

Boyle,

Chief

Executive

O?cer,

Columbia

Sportswear

CompanyBrand

relevance

–

Becoming

a

brand

super

winner363844464854565864667274Interview

–

Ann

Miller,

EVP,Chief

Legal

O?cer,

NikeInterview–HolgerSchwarting,ChairmanoftheBoard,SPORT2000InternationalSustainability

–

Time

to

make

it

realInterview

–

Rakhil

Hirdaramani,

Director,

Hirdaramani

GroupInterview

–

Sandra

Wolf,

Chief

Executive

O?cer,

Riese

&

MüllerNearshoring

–

Balancing

actsInterview

–

Hoa

Ly,

Senior

Vice

President

for

Global

Sourcing,

adidasInvestments

in

the

industry

–

Sporting

routes

to

pro?table

growth

in

private

investmentsInterview

–

Andy

Rubin,

Deputy

Chair,

Pentland

GroupContactsSporting

Goods

Report

20235ContributorsMcKinseySajalKohliChicagoAchim

BergFrankfurtRaphael

BuckZurichGlobal

Leader

Consumer

&

RetailSajal

Kohli

is

the

Global

Leader

ofMcKinsey’s

Consumer

&

Retail

practice,

Achim

Berg

leads

McKinsey’s

Globalwhich

encompasses

the

SportingGoods

industry.

He

focuses

on

retailtransformations,

operations

topics

andmarketing

&

sales.Global

Leader

Apparel,Fashion

&

LuxuryEMEA

Leader

Consumer

&Sporting

Goods

ExpertRaphael

Buck

is

a

Senior

Partner

andthe

leader

of

the

Consumer

practice

ofMcKinsey

in

EMEA.Apparel,

Fashion

&

Luxury

group

and

isactive

in

all

relevant

sectors

includingsportswear,

clothing,

textiles,

footwear,beauty,

accessories

and

retailers.Alexander

ThielSabineBeckerVictor

V.

DuranZurichZurichZurichLeader

Sporting

Goods

PracticeEMEAAlexander

Thiel

is

a

Partner

and

a

leaderof

McKinsey

Sporting

Goods

Practice

inEMEA

as

well

as

the

Consumer

Sector

in

practice

and

part

of

the

leadership

ofSwitzerland.

He

serves

Sporting

Goodsbrands,

retailers

and

manufacturers.Lead

AuthorCo-Lead

AuthorSporting

Goods

ReportSporting

Goods

ReportSabine

Becker

is

an

Associate

Partnerin

the

Apparel,

Fashion,

and

LuxuryVictor

Duran

is

an

Associate

Partnerand

part

of

the

leadership

of

McKinsey’sSporting

Goods

Practice.

Prior

to

joiningMcKinsey,

he

held

multiple

seniorleadership

positions

at

leading

sportinggoods

brands

and

retailers.McKinsey’s

Sporting

Goods

Practice.WFSGIRobbert

de

KockEmma

P.

(Mason)

ZwieblerMarc-Ivar

MagnusMurtenBerlinFribourgPresident

and

CEO

WFSGIRobbert

de

Kock

is

the

WFSGI

President

External

A?airsVice

President

Strategic

andVice

President

Trade,

CorporateResponsibility

and

Legaland

CEO.

He

brings

more

than

35

yearsof

sporting

goods

industry

experience.Robbert

also

holds

a

number

of

boardEmma

Mason

is

the

WFSGI

Vice-President

Marc

Magnus

is

the

WFSGI

VP

forfor

Strategic

and

External

A?airs.

Emma’swork

is

focused

on

international

sportTrade,

Sustainability,

Manufacturingand

Legal.

Marc

specializes

inpositions

within

international,

continental

relations,

the

evolution

of

international

sport

international,

European

and

penal

law,and

national

sport

federations.

and

major

sporting

event

regulations,

and

as

well

as

in

international

human

rightsthe

promotion

of

physical

activity

and

sport.

and

humanitarian

law.6Sporting

Goods

Report

2023McKinseyJessica

GentaZurichElisa

AlbellaLos

AngelesAlice

ScalcoHong

KongCaroline

ShiShanghaiOlgaOstromekaWroclawProject

Managerin

the

ConsumerGoods

practice,with

focus

onProject

Managerin

the

ConsumerGoods

practice,

withfocus

on

Apparel,Fashion

&

LuxuryAssociate

Partnerin

the

Consumerand

Retail

practicein

Asia,

with

a

focuson

Sporting

Goodsand

ApparelProject

manager

inthe

Marketing

&

Sales

Senior

AnalystPractice

in

Asiawith

focus

onConsumer

Goodsin

the

ConsumerPractice

and

one

ofthe

leaders

of

theFitness

Service

LineSporting

Goods—

ExternalExpert—

North

America—

AsiaSporting

Goods

ExpertsSporting

Goods

ExpertsMatt

PowellEric

FalardeauJulien

BoudetDaniel

ZipserAsina

deBrancheNew

YorkMontrealLos

AngelesShenzhenBeijingSporting

GoodsExpert

fromThe

NPD

GroupSporting

GoodsExpert

Fitness/WellnessNorth

AmericaSporting

GoodsExpertAsia

SportingGoods

ExpertAsia

SportingGoods

Expert—

Topical

ExpertsSara

HudsonLondonKarl-HendrikMagnusPatricioIbanezOhio

-

ClevelandThomas

BauerMunichKevinBrightLondonFrankfurtSporting

GoodsExpert

PrivateEquitySportingGoods

ExpertSustainabilitySporting

GoodsExpert

NearshoringSporting

GoodsExpert

SportsMarketingSporting

GoodsExpert

In?ation&

EconomicEnvironmentSporting

Goods

Report

20237AcknowledgmentsThe

authors

would

like

to

thank

all

members

of

WFSGI

and

the

McKinseycommunity

for

contributing

to

the

development

of

the

2023

Sporting

Goods

reportand

the

many

industry

experts

who

generously

shared

their

perspectives

forour

interviews.

In

particular,

we

would

like

to

thank:

Barbara

Martin

Coppola,Colin

Browne,

Tim

Boyle,

Ann

Miller,

Holger

Schwarting,

Rakhil

Hirdaramani,Sandra

Wolf,

Hoa

Ly,

and

Andy

Rubin.The

authors

would

also

like

to

thank

the

WFSGI

Board,

which

has

been

hugelysupportive

of

this

report,

both

in

approving

it

and

contributing

to

the

content.Furthermore,

the

authors

would

like

to

thank

The

NPD

Group

for

its

collaborationin

developing

a

detailed

perspective

on

industry

performance,

with

a

speci?cperspective

on

the

United

States.

A

particular

thank

you

goes

to

Matt

Powell,

wholeveraged

his

signi?cant

experience

to

share

interesting

insights

and

perspectiveson

the

interpretation

of

NPD’s

data.

In

addition,

the

authors

would

like

to

thankCorinne

Ehinger

for

her

help

in

coordination.The

authors

would

like

to

thank

David

Wigan

for

editorial

support

andDominic

Baumann

for

external

relations

and

communications.Finally,

the

authors

are

grateful

to

Eralda

van

Zurk,

Robin

van

Merkestein,and

the

whole

design

team

for

their

creative

input

and

direction,

as

well

asGetty

Images

and

Turbosquid

for

supplying

imagery

to

bring

our

?ndings

to

life.8Sporting

Goods

Report

2023ExecutiveSummaryOn

the

heels

of

the

global

pandemic,

the

past

12

months

have

seen

new

challengesin

the

form

of

rampant

in?ation,

pressure

on

household

incomes,

and

geopoliticaltensions.

The

Sporting

Goods

2023

report

analyzes

the

current

environmentand

explores

how

the

industry

can

bolster

its

defenses.

In

addition,

it

provides

anin-depth

analysis

of

industry

performance,

including

deep

dives

into

the

US

andChina,

the

world’s

biggest

sporting

goods

markets.

The

report

examines

the

keytrends

shaping

the

industry,

including

the

enduring

power

of

brands

to

createvalue,

growing

pressure

to

deliver

on

sustainability

promises,

the

strategic

case

fornearshoring,

and

the

rising

attention

of

private

investors.

Through

these

lenses,

wesee

an

industry

that

is

in

excellent

health

but

must

work

hard

to

build

resilience

inthe

months

ahead.Review

of

2022Two

thousand

and

twenty-two

was

set

to

be

another

great

year

for

the

sportinggoods

industry:

consumer

sentiment

was

improving

month-on-month,

re?ectinglooser

COVID-19

restrictions

in

most

markets,

companies

were

placing

largeorders,

both

in

anticipation

of

demand

and

to

avoid

the

supply

chain

challengesof

2021,

and

performance

in

the

?rst

half

of

the

year

was

widely

positive.

In

thebackground,

however,

storm

clouds

were

gathering.

In?ation

was

picking

up

dueto

the

impacts

of

the

war

in

Ukraine

(especially

in

Europe),

and

higher

raw

materialand

energy

costs

were

prompting

some

companies

to

raise

prices.

Meanwhile,consumer

sentiment

showed

signs

of

deterioration,

and

discretionary

spendingdeclined.

Supply

chains

gradually

became

more

reliable,

but

the

sudden

increasein

volumes

led

to

widespread

overstocking.In

the

second

half

of

the

year,

the

economic

outlook

darkened,

amid

rising

concernover

geopolitical

instability

and

the

trajectory

of

interest

rates—which

tightenedconstraints

on

both

companies

and

household

budgets.

The

aggregate

impact

ofthese

factors

was

a

signi?cant

weakening

in

industry

performance

compared

with2021

(although

still

in

advance

of

pre-COVID

levels).

The

uncomfortable

reality

wasthat

sporting

goods

companies

were

able

to

raise

prices,

but

not

enough

to

o?setdeclines

in

units

sold.

That

said,

some

categories

performed

better

than

others,leading

to

both

risks

and

opportunities

for

individual

players.Outlook

2023In

2023,

we

expect

a

challenging

economic

environment

and

continuing

subduedconsumer

sentiment.

This

will

require

sporting

goods

companies

to

focus

both

onpreserving

demand

and

building

resilience.

However,

companies

must

go

beyondprice

adjustments

and

formulate

a

holistic

response

to

the

headwinds

they

face.This

will

mean

assessing

and

optimizing

all

options

that

will

not

put

demand

atrisk,

including

sourcing

and

supply

chain,

productivity,

operational

e?ciency,

andcash

?ows.

Given

the

uncertain

economic

environment,

we

believe

that

the

bestpredictors

of

future

industry

performance

are

the

signals

coming

from

the

mostrecent

retail

data.

In

fact,

for

this

report,

we

took

the

opportunity

to

collaboratewith

our

partner

NPD

Group

to

drill

down

into

the

most

recent

US

sales

data

andits

implications.

We

hope

these

insights

will

support

decision-makers

as

theycalibrate

perspectives

on

the

critical

trends

in

the

year

ahead.Sporting

Goods

Report

20239Country

deep

divesUSAThe

US

sporting

goods

market

saw

a

strong

post-COVID

recovery

in

2021,

in

manycategories

surpassing

2019

performance.

In

2022,

the

US

market

was

exposedto

the

many

forces

shaping

the

global

market,

leading

to

unit

sales

declines

of

4-8percent

in

the

?rst

nine

months,

compared

with

2021

levels,

which

was

not

o?set

byhigher

average

selling

prices.

These

unforeseen

volume

declines

led

to

signi?cantoverstocking

and

heavy

discounting

in

the

second

half.

Athletic

footwear

andactivewear

saw

revenue

declines

of

4-6

percent

in

the

?rst

nine

months

of

2022,driven

by

weakening

consumer

demand

and

conservative

assortments.

Equipmentcategories

had

a

hard

time

beating

their

record

years

of

2020/2021.

Home

?tnessequipment

saw

a

28

percent

revenue

decline

compared

with

the

same

period

in2021.

The

exception

was

e-bikes,

which

continued

to

grow

strongly.ChinaIn

2022,

the

Chinese

sporting

goods

market

saw

a

largely

?at

performance,

instark

contrast

to

double-digit

expansion

over

recent

years.

The

key

driver

wasthe

country’s

dynamic

zero-COVID

policy.

Still,

in

the

longer

term,

we

see

resilientfundamentals

that

promise

a

return

to

growth.

These

include

government

supportfor

healthy

lifestyles

under

the

“Fitness

for

All”

program,

the

expansion

of

the1middle

class,

and

rising

female

demand

(unlike

in

Europe

and

the

Americas,

womenspend

15-20

percent

more

on

sports

and

?tness

than

men).

In

general,

sports

arebecoming

a

more

signi?cant

part

of

people’s

daily

lives,

and

there

is

increasinginterest

in

relatively

niche

areas

such

as

skiing,

sur?ng,

and

outdoor

activities

suchas

camping.

Local

brands

such

as

Anta

and

Li-Ning

are

competing

?ercely,

forexample,

by

o?ering

more

female-focused

products—are

capturing

market

share.Thus,

there

is

rising

pressure

on

international

brands

to

raise

their

games.In

2023,

four

themes

will

likely

feature

high

on

company

agendas:i.

Brand

relevance

increasingBuilding

brand

heat

and

loyalty

is

more

relevant

than

ever,

especially

in

arecessionary

context,

in

which

consumers

tend

to

rely

on

trusted

brands.The

consumer

journey

is

shifting,

especially

when

shopping

for

lifestylecategories.

Whereas

previously,

consumers

were

motivated

?rst

by

factorssuch

as

functionality,

design,

and

price,

they

are

now

increasingly

driven

bybrand.

Notably,

the

industry’s

super-winners

in

terms

of

value

creation

arecharacterized

by

high

levels

of

brand

equity

and

loyalty.In

the

lifestyle

apparel

category,

sporting

goods

companies

are

on

a

similarjourney

to

fashion

companies,

amid

a

need

to

build

strong

and

trusted

brandsthat

leverage

the

direct-to-consumer

revolution,

collaboration

with

otherbrands,

and

community

marketing.ii.

Sustainability,

time

to

deliver

on

promisesBrands,

retailers,

and

manufacturers

have

made

bold

promises

of

a

moresustainable

future,

but

are

they

up

to

the

challenge?

With

self-imposed

deadlineson

the

horizon,

it

is

time

to

deliver.

Two

priorities

should

shape

their

agendas:1For

a

broader

perspective

on

global

physical

activity

levels,

please

read

the

dedicated

section

in

ourForeword10Sporting

Goods

Report

20231)

Plotting

the

path

to

net

zero

by

setting

CO2baselines,

de?ning

emissionsabatement

curves,

prioritizing

decarbonization

levers,

and

planning

for

thechallenges

ahead.2)

De?ning

the

company’s

role

in

the

growing

circular

economy,

choosing

froma

range

of

business

models

to

scale.Whatever

they

do

and

say,

companies

need

to

be

careful

to

deliver

againsta

background

in

which

greenwashing

is

being

targeted

by

both

regulatorsand

consumers.iii.

Nearshoring,

a

potential

solution

for

supply

chain

disruptionsSupply

chain

disruptions,

higher

trade

barriers,

and

geopolitical

turmoil

areputting

pressure

on

supply

chain

security

and

leading

to

higher

costs.Nearshoring

can

unlock

a

range

of

bene?ts

in

a

disruptive

context:

controland

de-risking

of

the

supply

chain,

agility

and

speed,

cost

structurecompetitiveness,

protection

against

trade

barriers,

and

a

more

sustainableoperating

model

in

the

eyes

of

consumers.Still,

nearshoring

does

not

always

go

to

plan,

evidenced

by

the

fact

that

somecompanies

have

recently

reversed

nearshoring

decisions.Whether

to

nearshore

or

not

should

be

decided

at

product

level,

assessingexposure

to

supply

chain

shocks,

the

need

for

shorter

lead

times,

and

theeconomics.

It

is

important

that

the

nearshore

country

meets

requirements

for

rawmaterials

and

components,

and

o?ers

the

right

capabilities

and

capacity.

A

detailedbusiness

case

should

take

into

account

a

holistic

set

of

variables

to

determine?nancial

impact

and

feasibility,

as

well

as

potential

government

incentives.iv.

Sporting

Goods

industry,

a

hot

target

for

private

investorsThe

sporting

goods

industry

has

grown

strongly

over

the

recent

years

and

is

likelyto

continue

on

that

path,

amid

rising

consumer

health

awareness

,

alongside2deepening

interest

in

outdoor

lifestyles

and

athleisure

apparel.

In

addition,

theindustry

has

proven

to

be

more

resilient

in

downturns,

bouncing

back

faster

thanothers.

Furthermore,

it

comprises

many

smaller

but

well-di?erentiated

brands,which

make

attractive

targets

for

consolidation

or

growth

plays.These

factors

have

fueled

interest

among

private

investors,

includingventure

capital

?rms,

private

equity

funds,

and

companies,

with

the

numberof

annual

deals

doubling

in

the

past

decade.

Focus

areas

have

includedoutdoor

categories,

connected

?tness

equipment,

athleisure/activewear,

andsustainable

sportswear.In

a

market

dominated

by

super-winners,

private

investment

is

challenging.We

see

three

key

priorities

for

investors:

aspire

to

build

a

portfolio

to

drivesynergies;

elevate

digital,

focusing

on

communities

and

personalization;

andleverage

analytics

at

scale

to

harness

the

power

of

data.To

navigate

the

current

challenging

environment,

we

believe

it

is

time

to

invest

inresilience

and

productivity—activating

levers

that

will

not

harm

demand

and

will

laythe

foundations

for

a

steep

recovery.

However,

these

actions

require

investmentupfront,

in

a

context

in

which

the

cost

of

capital

is

rising.

This

will

likely

mean

awider

gap

between

super-winners

and

the

rest

once

the

storm

is

over.2For

a

broader

perspective

on

global

physical

activity

levels,

please

read

the

dedicated

section

in

ourForewordSporting

Goods

Report

202311Sporting

Goods

2023

at

a

glanceThe

2023Sporting

Goods

report

assesses

the

majorthemes

driving

the

industry

and

the

impacts

ofthecurrent

economic

environmentonbusiness

around

theworld.This

year,

we

also

present

deep

dives

intotheUSand

Chinese

markets.As

in

past

years,

we

analyzethe

mostimportant

trends

forthe

coming

period.Economic

environment

and

country

deep

divesEconomic

environment

–

Navigating

the

recessionary

wave-40%Sporting

goods

companies

are

seeingweak