Chinese sportswear group Xtep International Holdings recorded low-single-digit retail sell-through growth for its namesake brand in the third quarter, while its own China business of Saucony grew more than 20 percent, showing clear divergence among portfolio brands.
Hong Kong-listed Xtep International noted that its core Xtep brand achieved only “low single-digit” retail sell-through growth in Q3, with channel inventories running at around four to 4.5 months – a level similar to the first quarter. The company further disclosed that the average retail discount rate remained at roughly 25 percent to 30 percent.
In contrast, Xtep’s China licence of Saucony delivered a markedly stronger performance, with retail sell-through growth of “more than 20 percent” year-on-year. The group did not release a comparable figure for its Merrell operations in China.
As the company progresses into Q4 and 2026, stakeholders will be watching for how Xtep leverages the momentum in its premium segment with Saucny to realign its core brand strategy – particularly relevant for European players looking at cross-border premiumization or China-on operations.
