Sales of largest global sporting goods retailers rose slightly in 2024, with Lululemon breaking into the industry’s top 5 thanks to double-digit growth. At the same time, Norwegian company XXL Sport slumped after a sharp decline in sales, while Indonesian company MAP Active recorded one of the most impressive growth rates of the year.

Top retailers increase their sales moderately in 2024

The 50 largest sporting goods retailers worldwide once again saw a slight increase in sales in 2024. In weighted local currencies, revenues rose by 2 percent to $149 billion, up from $146 billion in the previous year. Currency effects played only a minor role. Of the listed companies, 25 increased their sales, 22 suffered declines, while three retailers remained at the previous year’s level.

More than half of the listed providers achieved sales of over $1 billion in 2024. At the top of the list are five companies, each with annual sales of more than $10 billion: Decathlon, which further expanded its global market leadership, Intersport, JD Sports with double-digit growth, especially in the UK and the US, and the North American heavyweights Dick’s Sporting Goods and Lululemon. The ten largest retailers alone generated a combined $101 billion – around 68 percent of the industry’s total revenue.

Not only the concentration on a few players, but also the regional distribution shows a stable picture: The Americas accounted for 40.8 percent of sales, Europe for 39.8 percent, and Asia for 10.6 percent. This means that the two largest markets are almost neck and neck, while Asia remains significantly smaller and has recently stagnated.

The US market in particular could provide some movement in the coming years. If the takeover of Foot Locker by Dick’s Sporting Goods goes ahead as planned, it would create a new giant with more than $21 billion in sales, which would reshuffle the top group and noticeably intensify competition.

European retailers gain ground

Europe’s retailers remained the dominant force in the global sporting goods market in 2024. The three heavyweights Decathlon, Intersport, and JD Sports Fashion together generated sales of $47 billion, accounting for almost a third of the total market. Together with Dick’s Sporting Goods from the US and Canada’s Lululemon, they accounted for almost half of all revenues generated by the top 50 retailers.

According to the SGIE ranking, European companies increased their sales slightly to $59 billion, corresponding to a market share of 39.8 percent (2023: 39.6%). While the big names grew only moderately, some players made a significant impact: Mountain Warehouse grew by 17 percent and JD Sports Fashion by 10 percent. On the other hand, retailers such as XXL Sport (-10%) and the Frasers Group (Sports Direct) (-7 %) struggled with noticeable declines.

The bottom line is a mixed picture: seven European retailers increased their sales in 2024, while eight companies suffered declines. Europe thus confirmed its role as a stable pillar in global sports retail with three percent growth, even if the momentum has slowed compared to the boom years after the pandemic.

 

Note: It’s important also to mention SPORT 2000 Group International, an international sports purchasing cooperation which generated gross retail sales of €4.9bn ($ 5.32bn ) in 2024.This corresponds to a decline in sales of 2.2 per cent. Sport 2000 has a strong network of independent retailers across Europe and international and includes for example Premium Sports Group in Switzerland. The Group is driving international expansion over the next years.

US retailers under pressure despite broad base

The Americas region is the largest group in the ranking with 23 companies, 20 of which are from the US, two from Canada, and one from Brazil. In 2024, twelve retailers increased their revenues, while nine suffered declines. The US market grew only slightly: in local currencies, revenues rose by 2 percent, while in dollars they remained virtually unchanged at $60,85 billion after $60,48 billion in the previous year. As a result, the Americans lost slightly in importance and accounted for only 40.8 percent of the global market share, down from 41.0 percent in 2023.

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The weak consumer climate once again weighed on the industry. High interest rates, expensive loans, and subdued consumer sentiment meant that consumers were very selective in their spending. Demand was particularly strong for individual product categories and strong brands, while everyday purchases declined.

Among the biggest winners were US retailer Sierra, which increased its sales by 23 percent, and Brazilian supplier Centauro, which grew by 14 percent. Canadian athleisure specialist Lululemon and US retailer The Athlete’s Foot also grew by 10 percent each. At the other end of the scale were US chains Big 5 Sporting Goods (-10 percent) and Vail Resorts (-12 percent), which suffered particularly significant declines.

Asia’s growth loses momentum

After strong growth of 6 percent in 2023, the Asian sports retail sector virtually stalled in 2024. Retailers in the region generated sales of $15,76 billion, which is unchanged from the previous year. This means that growth fell from 6 percent in 2023 to 0 percent in 2024 – sales remained stable but did not increase further. This signals a clear slowdown in momentum.

The division between markets became particularly apparent: While the major Chinese players Topsports (-7%) and Pou Sheng (-8%) suffered from weak consumer sentiment, other suppliers grew strongly. Indonesian retailer MAP Active led the way with an increase of 27 percent. CRC Sports from Thailand (+9%) and the Australian Super Retail Group (+6%) also performed well. Among the losers were the Chinese market leaders, New Zealand’s KMD Brands (-9%) and Hong Kong’s Swire Group (-5%).

Conclusion: Sports markets are diverging

Global sports retail grew only modestly in 2024. While retailers in the Americas increased their sales in local currencies by 2 percent, Asia stagnated at 0 percent after strong growth in the previous year. Europe grew slightly, with growth of 3 percent, and expanded its share of the global market to 39.8 percent – driven primarily by strong retailers such as JD Sports Fashion and Mountain Warehouse.

Compared to 2023, there has been a significant change in sentiment: at that time, Asia (+6%) had grown noticeably, Europe had increased by 2 percent, and the Americas had grown by only 1 percent. In 2024, however, Asia remained sluggish, and the Americas also barely moved, leaving Europe as almost the only region to record a stable upward trend.

The decisive factors for 2025 are likely to be whether Asia overcomes its stagnation and the US leaves its consumer slump behind in a more stable economic environment. Europe may continue to benefit from strong individual players but remains vulnerable to the weakness of smaller retailers.

 

Methodology:

Our data come primarily from publicly reported figures. We have used our own estimates, input from management, other sources and third-party reports from rating agencies for private companies. 

All figures reported in currencies other than euros are converted at the average exchange rate for the year. Figures are stated as reported by the companies, representing net revenues.

 

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