To follow The Debrief wherever you listen to podcasts.
Background:
Two decades ago, Lululemon built its brand around yoga, then considered a counterculture sport. Today the company is a $6 billion business making products for sports ranging from running to swimming to tennis, becoming a model for startups hoping to wrest market share from global incumbents like Nike and Adidas. . Now, as sports like pickleball, paddle tennis and skiing gain traction, there is another opportunity for startups to disrupt the sportswear market.
“If you go niche and target a very specific customer base with a very specific niche following, that might be a better way to crack sportswear than selling everything to the masses, then you’re going to come toe to toe. with Lululemon and Nike. ”, said Chavie Lieber of BoF.
Key ideas:
Instead of going after the sportswear space in general, brands are targeting underrepresented groups or turning heads with differentiated products and price points. Some brands, such as Gymshark and District Vision, have been successful in identifying, and putting themselves at the center of, strong communities. The sportswear market represents a huge opportunity for brands: global sportswear is expected to grow to $395 billion by 2025, at an annual rate of between 8 and 10 percent, according to McKinsey. Brands are capitalizing on consumers’ desire to look good. while playing sports like pickleball, rugby and boxing. They’re poised to benefit from the buzz surrounding events like the 2028 Olympics and the 2031 and 2033 Rugby World Cups. Skiwear skyrocketed last winter: Matchesfashion’s men’s skiwear sales jumped 30 percent. %, while Farfetch stocked 190% more skiwear this year. Luxury brands, specifically, are capitalizing on the trend by selling statement pieces, including branded sunglasses and skis.
Additional Resources:
The next big category of The Hunt for Activewear: Luxury brands and start-ups are betting on the growth of pickleball, paddle tennis, rugby, boxing and skiing to inspire a new interest in sportswear.Activewear’s Biggest Disruptors: Breaking into the $384 billion sportswear market is no easy feat, but fast-growing startups are stealing market share by building niche, cutting-edge products around underserved interests.The race to develop the best sports bra: Brands like Adidas and Gymshark are pouring resources into updating sports bras, a product they see as crucial to winning over female customers.
Source: www.businessoffashion.com