China’s largest sportswear distributor, Top Sports, reported a 7.9% YoY revenue decline to 13.05 billion RMB ($1.67 billion) and a 34.7% drop in net profit to 870 million RMB ($111 million) for the six months ending August 31. Revenue from major brands, including Nike and Adidas, fell 8.1% to 11.35 billion RMB ($1.45 billion), while revenue from other brands like Puma and Converse dropped 6.5% to 1.61 billion RMB ($205 million). Although the report did not specify Adidas and Nike’s individual performances, Top Sports noted Adidas’ relative resilience, partly due to its tailored products for the Chinese market, which saw an 8.5% revenue increase YoY in H1 2024. In contrast, Nike’s revenue in China fell 4% to $1.666 billion in Q1. To reduce its reliance on these brands, Top Sports announced a partnership with Fanatics China to develop the Mitchell & Ness brand in the first half of the 2025 fiscal year.