The Hong Kong-listed group’s first-quarter update reveals a two-speed picture: modest recovery for its core label and an accelerating trajectory for Saucony, the US heritage running brand it operates in mainland China.
Xtep International Holdings has reported mid-single-digit year-on-year retail sell-through growth for its core brand in mainland China during the first quarter of 2025, while its Saucony operation posted a standout performance with gains exceeding 40 percent. The figures cover both offline and online channels for the three months ended March 31, 2025.
The 40-percent-plus sell-through rate for Saucony represents the more significant headline in an otherwise measured update. The core Xtep brand – which targets the mass-market performance segment – grew at a pace consistent with broader consumer caution across China’s sportswear market. Its retail discount level held at 25–30 percent, while channel inventory turnover stood at approximately four months, a relatively healthy level suggesting the group has sidestepped the excess stock accumulation that has pressured parts of the domestic sector in recent years.
The gap between the two brands’ trajectories reinforces Xtep’s rationale for its multi-brand portfolio structure. While its core label competes in the volume-driven mid-market, Saucony occupies the premium running niche – a segment drawing intense competition from domestic players Anta Sports and Li-Ning alongside international brands accelerating their presence in China’s running boom. Saucony’s momentum positions it as an increasingly meaningful contributor to the group’s overall performance mix.
The Q1 data provides a first directional read on the year ahead of any formal half-year disclosure.
