Last fall, in the face of a country-wide economic downturn, Nike surprised just about everyone by forecasting considerable long-term growth in China. Now, with recent news that China's economy is still in dire straits, Quartz is reporting that adidas is hot on the Swoosh's heels.
Despite struggles in the U.S. and even in its home market of Western Europe, adidas is apparently killing it in China. Quartz reports that adidas has actually outperformed Nike over the last four years, improving its market share from 8.5 percent to 13.8 percent. On the other hand, Nike has only managed to jump from 11.2 percent to 14.3 percent during the same period.
Although adidas is still lagging behind, its rate of growth could be an indicator that the brand is actually about to overtake Nike in China. According to a retail analyst, adidas' surge can be attributed to "resupplying the products that were really selling the best" — a.k.a. restocking — and a push towards more lifestyle-friendly apparel and women's sportswear.
Stay tuned, this will certainly be interesting to watch play out.
