China Sportswear: Offline Sales Tracker (May 2026) - Offline Sales Remains Soft

研报英文原文证据摘录

China Sportswear: Offline Sales Tracker (May 2026) - Offline Sales Remains Soft

Deutsche Bank

Research

Asia Industry Date

China 25 June 2026

China Sportswear

Consumer Industry Update

Textiles, Apparel & Luxury

Goods

Offline Sales Tracker (May 2026) -

Offline Sales Remains Soft

Sammi Xu

Note: Our monthly China Sportswear Offline Sales Tracker leverages alternative data

Research Analyst

to analyze top-selling sports brands in mainland China, providing insights into offline +852-2203-5415

sales trends. Key metrics tracked include: 1) Same-store sales growth; 2) Store count

and Average Selling Price (ASP); and 3) Recent brand product updates. Please be

aware that the data presented does not represent official brand revenue figures and

is intended solely as an indicator of current market trends.

Please note that the sample size represents around 10% of total stores; therefore,

these figures should be interpreted as trend indicators rather than definitive reported

numbers.

Data in excel is available upon request

Sportswear Brands: May trends remain soft despite holiday boost

Our analysis of alternative offline sales data indicates that May performance

continued to normalize following a strong 1Q26 rebound. The data suggests that

the CNY-led demand recovery was not sustained evenly across brands, with most

categories showing further sequential moderation from April to May amid a

persistently weak consumption environment in China.

Anta's portfolio entered a slower-growth phase in May. Kolon remained the clear

outlier with very strong SSSG, but Fila turned negative and Descente stayed broadly

flat. Li Ning also showed a sharp sequential slowdown, with SSSG easing to c.0%

in May from 10% in April. International brands further weakened in such a soft

spending environment.