Every athletic brand likes to say they are gaining market share in running right now, but all of them can't be doing that well. Adidas just reported global running up 19% in constant currency (cc) in a quarter when total footwear was approximately flat, Nike says it's up "double digits," and Circana has the US running market up 10%. Adidas CEO Bjorn Gulden said "we would rather go for healthy growth", but is that what is actually happening? Meanwhile, apparel carried the total company's growth rate this quarter, and Adidas' nearly 50/50 mix of footwear to apparel (incl. accessories) looks a lot different from most of the running brands it gets compared to. This note digs into how much apparel is inside that 19% and what price Adidas and Nike are paying for their running growth in the US.
Upon Further Review: Adidas (11/5/26)
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