Retail Matters: On and Adidas maintain their outperformance in sportswear; in apparel Chinese Aggregator growth turns negative in Europe while Vinted continues to outperform

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Retail Matters: On and Adidas maintain their outperformance in sportswear; in apparel Chinese Aggregator growth turns negative in Europe while Vinted continues to outperform

Equity Research

17 June 2026 | 5:53PM BST

EUROPE RETAIL

Retail Matters: On and Adidas maintain their outperformance in

sportswear; in apparel Chinese Aggregator growth turns negative in

Europe while Vinted continues to outperform

In our monthly Retail Matters reports, we aim to apply a micro-level lens to the Richard Edwards

+44(20)7051-6016 |

apparel and footwear companies in our coverage. Through an analysis of the richard.edwards@gs.com

Goldman Sachs International

high-frequency alternative data available to us, we endeavor to isolate the demand,

Ben Williamspricing and discounting signals most relevant to near-term fundamentals. In this May +44(20)7051-0661 |

issue, we conclude the following four points: ben.williams@gs.comGoldman Sachs International

Hamish Bogdan1) Sportswear NPI declines again in May, albeit web traffic improves as the World +44(20)7552-2214 |

Cup neared: Net Purchase Intent for the major US sportswear brands declined in hamish.bogdan@gs.comGoldman Sachs International

May (ex-Adidas), while in China On continued to outperform peers. On and Adidas

saw their worldwide unique web visitors continue to grow strongly during the month,

and in the US growth in Adidas’ and Nike’s unique web visitors accelerated as the

FIFA World Cup approached, with World Cup search interest for Puma, Adidas and

Nike tracking ahead of previous World Cups.

2) Chinese aggregator growth turns negative in Europe: Chinese aggregator app

MAUs continued to decline in absolute terms in Europe during May, with

year-on-year growth now negative in the region, albeit continuing to accelerate in

the US.