「经济学人」Trainer wars

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Trainer wars Nike and Adidas are losing their lead in running shoes On, Hoka and other challengers are catching up fast The origin of On, a Swiss sportswear brand, is unusual. In 2010 Olivier Bernhard, a triathlete, stuck bits of garden hose to the bottom of his trainers for added cushioning. The idea worked so well that he and two friends decided to make a business out of it. Their shoes were a hit; last year the company made almost $2bn in sales. On November 12th it reported that its revenue in the quarter to September grew by 32%, year on year. On now has a market value of $17bn. The global sportswear industry has long been dominated by two companies: Nike and Adidas. Last year they accounted for 35% and 16%, respectively, of the $146bn in net sales generated by the 15 biggest sportswear brands, according to Morgan Stanley, an investment bank. But that is down from a combined 63% in 2018. Challengers are gaining ground, including established brands like New Balance and Asics as well ………………………………