Amer Sports’ record year signals a new outdoor hierarchy

Amer Sports posts $6.6B in 2025 revenue, driven by Arc’teryx and Salomon On February 24, Amer Sports reported its fourth-quarter and full-year 2025 results. The company posted annual revenue of $6.57 billion, a 27% year-over-year increase, returning to full-year profitability on the back of broad-based growth. Fourth-quarter revenue rose 28% to $2.10 billion, with gross margin expanding to 57.7%. Against a backdrop of sustained global demand for premium sports and outdoor products, the group delivered a balanced performance — scaling revenue while improving profitability across segments. By segment, Technical Apparel — which encompasses Arc’teryx and Peak Performance — generated $2.86 billion in revenue, up 30% YoY. The Outdoor Performance segment, home to Salomon and winter sports brands Atomic and Armada, was the fastest-growing, posting annual revenue of $2.40 billion, a 31% increase. Ball & Racquet Sports delivered steady growth of 13%. Notably, Salomon’s annual sales surpassed the $2 billion mark for the first time, heralding the brand’s emergence as a mainstream force in the global premium sports market. Years of refinement across product mix, channel strategy, and consumer positioning have established a durable foundation for continued growth. Regional performance was broadly strong. Greater China revenue grew 43.4% YoY to $1.86 billion, while other Asia-Pacific markets rose 50.7% to $772.9 million, together serving as the primary growth engines. The Americas and EMEA grew 14.3% and 19.3%, respectively, sustaining solid momentum across more established markets. Double-digit growth across all four regions underscored the portfolio's global reach. Full-year gross margin expanded by 220 basis points to 57.6%, while the adjusted operating margin rose to 12.8%, marking a recovery in profitability. Some segments faced temporary margin pressure in the fourth quarter, primarily due to increased investment in store expansion and brand marketing, particularly for Salomon’s footwear and apparel and its retail footprint in key cities. These investments reflect management’s confidence in future growth rather than weakening demand. For fiscal 2026, Amer Sports projects revenue growth of 16%-18%, an adjusted gross margin of approximately 59%, and an adjusted operating margin of 13.1%–13.3%. More broadly, the company is shifting from a model built around Arc’teryx’s dominance toward one driven by multi-brand synergy — with Arc’teryx consolidating its premium positioning, Salomon establishing scale as a second growth pillar, and a more balanced mix across both channels and regions. For the premium sports and outdoor sector, the results suggest Amer Sports has built a more resilient long-term growth framework, less dependent on any single brand or market. Brand updates Fila debuts Lingfeng 4810 tech at Milan Winter Olympics At the 2026 Milan Winter Olympics, Fila — an official partner of China’s freestyle skiing aerials team — debuted competition gear featuring its new Lingfeng 4810 technology. Built around “warm zones” and “high-energy protection” principles, the system uses composite fabrics and an integrated design approach to meet the demands of elite competition. Fila’s involvement in skiing dates to the 1970s, with product development refined through decades of top-tier event participation. By the 14th day of competition, national teams sponsored by the brand had accumulated 62 medals, including 25 gold. Fila is now extending the Lingfeng technology to its commercial lines, completing a transfer from professional competition gear to everyday wear. Kolon Sport opens flagship at Beijing Huamao On February 6, South Korean outdoor brand Kolon Sport opened a new flagship store — titled Kolon Atlas: A Collection of Natural Elegance — at Beijing’s Huamao Shopping Center. The opening is the brand’s most significant retail expansion in North China since it entered Beijing in 2006, reflecting a broader push into the city’s premium commercial tier. The launch event featured a performance piece, “The Birth of Natural Diversity,” combining Peking Opera martial movement with contemporary street dance. Brand ambassador Liu Shishi attended alongside senior executives. The store is designed to explore the intersection of nature, urban life, and outdoor culture. Lululemon refreshes its ‘Define Jacket’ line On February 24, Lululemon introduced a new “Define Jacket” collection. The line retains the brand’s signature structured stitching and is constructed from its core Nulu and Luon fabrics, balancing softness with support. The collection is available in multiple colorways and silhouettes, including a hooded version, and is styled alongside the Varsity pleated tennis skirt and Mary Train casual shoe. A pink-and-white colourway is positioned to bridge athletic and everyday wear. The launch reflects Lululemon’s strategy of refreshing core product lines through fabric and silhouette updates rather than wholesale redesign. Descente steps into urban women’s footwear On February 24, Descente launched its “Step-by-Step” footwear collection, targeting urban women across indoor training, running, and everyday wear. The range centers on floral patterning and positions itself at the intersection of aesthetic design and athletic function. The Exmotion Ridge running shoe features a BOA Fit System closure, flexible mesh upper, and Z-Foam heel cushioning. The Exmotion Slip-On trainer adopts a Mary Jane silhouette with a thick sole, Z-Foam cushioning, and cross-elastic and Velcro fastenings. 361° joins JD.com’s instant delivery service On February 12, sportswear brand 361° integrated more than 1,000 offline stores across over 160 Chinese cities into JD.com’s instant delivery network, known in Chinese as JD Hourly Delivery (京东小时达). Under the model, online orders are fulfilled by the nearest participating store, enabling same-hour delivery. The partnership represents 361°'s formal entry into instant retail, a channel that has seen rapid adoption among Chinese consumers seeking on-demand purchasing. The brand says the move is designed to expand its digital retail capabilities and increase relevance among convenience-driven younger shoppers. Financial results Under Armour reports Q3 FY2026 results Under Armour reported revenue of $1.33 billion for the third quarter of fiscal 2026, down 5% year-over-year, with gross margin of 44.4%. International revenue grew 3% to $577 million, partially offsetting a 10% decline in North America. President and CEO Kevin Plank said adjusted operating results exceeded expectations, and described the quarter as the most challenging phase of the company's North American reset, expressing confidence in stabilisation ahead. Brooks posts double-digit global revenue growth in 2025 On February 5, Brooks Running reported record full-year revenue for 2025, up 16% year-over-year and extending the brand's growth streak to nine consecutive years. The Asia-Pacific and Latin America region was the fastest-growing, with revenue rising 66%, driven in large part by a 245% surge in China — where Brooks ranked as the top international brand among sub-three-hour finishers at the Shanghai Marathon. North America grew 13% and EMEA 22%. At the product level, the Glycerin series delivered 33% revenue growth and a 27% increase in unit sales, driven by the introduction of the brand's new DNA Tuned midsole foam.

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Amer Sports’ record year signals a new outdoor hierarchy