Global Sportswear: Current trends in US, Europe and China (October channel checks)

We host quarterly channel checks with US, Europe, and China Sporting Goods and Running Specialty retailers for a read on current performance and expectations for the year. After a strong start to 2026, Sportswear demand is moderating and promotional intensity growing across regions, and retailers are being cautious with 2027 order books. Sportswear growth has slowed in Q2-3 and retailers now expect ~LSD% growth this year, with Europe slightly slower and China slightly faster, but all regions still growing. Lifestyle has particularly slowed, while Performance has been stronger, with Running leading growth (MSD% in the US and LDD% in Europe, and the strongest category in China), especially at premium price points. Retailers are cautious on 2027 order books, generally expecting the inventory situation to correct by Q1 with some risk of bleeding into Q2. Nike Performance is resonating but Lifestyle remains a drag across all three geographies. Adidas, On and Hoka are still growing without d