A record half-year for Mizuno: The Osaka-based group is growing in all regions and segments – driven by stable demand, a clear strategy and global balance. Football, sportstyle, and workwear are driving business forward, while the traditional Japanese manufacturer is showing resilience and confidence in a difficult market environment.
In the first half of fiscal year 2025, Mizuno remained clearly on course for growth – even though the pace slowed somewhat in the second quarter. Group sales rose 5.8 percent year-on-year to ¥126.5 billion (€740m), driven by stable demand in all core segments. Sales in Q2 FY25 amounted to around ¥63.0 billion (€369m), almost on par with the opening quarter (¥63.5bn/€372.5m).
Running, football and workwear were particularly dynamic. The gross margin improved slightly to 41.7 percent in the first half of the year, although rising procurement costs and higher personnel expenses weighed on earnings.
Operating profit increased by 7.7 percent to ¥12.0 billion (€70.2m), while net profit rose disproportionately, by 22 percent, to ¥9.9 billion (€57.9m). The Osaka-based group thus achieved new records in sales and profitability – a sign that its business is robust and its four-pillar strategy effective.
Global differences: Where Mizuno is growing most
Mizuno has also posted varying growth rates in different regions for H1 FY25 – but the figures are positive across the board. In Japan, where the group generates around three-fifths of its sales, revenues rose by 4.5 percent year-on-year to ¥73.5 billion (€429m; previous year: ¥70.3bn/€411m). Strong demand for workwear and sportstyle products offset weaker sales of traditional sports equipment.
The traditional Japanese manufacturer recorded its strongest growth in the EMEA region, where sales rose by 14.3 percent year-on-year to ¥14.1 billion (€82.5m), driven by a sustained boom in running and golf products. The football business, on the other hand, was somewhat more subdued, with competition continuing to intensify and procurement costs rising.
In Asia/Oceania, sales increased by 9.7 percent year-on-year to ¥18.1 billion (€105.8m), supported by strong developments in running, football and the growing sportstyle segment. In the Americas, the increase was lower, at 1.7 percent to ¥20.8 billion (€121.7m), but the thriving golf business compensated for weaker baseball and running sales. Overall, Mizuno achieved new highs in all regions – the overseas share of consolidated sales rose from 41.2 to 41.9 percent year-on-year.
From playing field to factory floor: growth in all segments
Four pillars, one clear plan: The Osaka-based group continues to grow, driven by its strategic focus on football, running, sportstyle and workwear. Football is doing particularly well, growing by 8.6 percent in the first half of the year. The brand is benefiting from its strong presence in international club football and growing demand for technical performance footwear.
The running (7.9%) and golf (7.2%) segments also performed well. Mizuno has also struck a chord in the sportstyle segment. The combination of functional technology and fashionable design is taking the brand into new playing fields – especially in Japan, Europe and Asia. This is a strategy that competitors too are implementing (see: Running Reloaded - these shoe brands race ahead of the rest).
The workwear division, which expanded 25.6 percent in the first half, provided an additional boost. Here, the company applies its performance-sports expertise – in cushioning, ergonomics and breathability – to the workplace, creating clothing that combines protection, performance and comfort.
