China signals: Porsche’s pullback, Nike’s reset, Anta’s rise, gold’s surge

The numbers tell a story of divergent fates and decisive shifts. Porsche's dramatic dealer cutbacks — from 150 outlets to a target of 80 — define a “value over volume” retreat from unsustainable growth. Nike’s leadership change underscores the urgency behind five straight quarters of China decline, a stark contrast to rival Adidas’ 10 consecutive quarters of growth. Meanwhile, Anta Sports demonstrates the strength of portfolio diversification, with acquired premium brands surging nearly 50% to offset stagnation in its core label. Finally, surging gold prices and festive demand have propelled Chinese jewelers like LaoPu Gold, proving cultural resonance and material value can outpace storied heritage brands. Porsche's dealer cuts reveal the math of a strategic retreat Market intel: Porsche is cutting its China dealer network from 150 to 114 in 2025, targeting just 80 by 2026. The 30% reduction responds to a four-year sales slide that saw deliveries plummet 26% in 2025 to 41,938 vehicles. CEO Alexander Pollich framed the move as prioritizing “value over volume” and healthy supply-demand dynamics, though it risks reduced customer convenience and brand visibility Market indicator: The cuts acknowledge Porsche’s previous China scale was built on unsustainable growth. In a market now dominated by competitive domestic EVs, the brand is shedding excess capacity to protect profitability and exclusivity. For luxury brands, this signals a pivotal shift: the era of blanketing China with dealerships is over. Success now depends on operating leaner networks where each outlet serves as a high-performing brand beacon, not merely a sales point. Nike’s China leadership change underscores persistent performance problem Market intel: Nike has replaced its Greater China chairman and CEO, appointing 25-year veteran Cathy Sparks to the role. The move follows a prolonged sales decline, with revenue falling from $8.29 billion in FY2021 to $6.59 billion in FY2025, and a further 13.1% drop in the first half of FY2026. This contrasts sharply with rival Adidas, which has reported 10 consecutive quarters of growth in the region. Market indicator: The leadership change highlights Nike’s failure to localize at the speed and depth the market demands. The numbers reflect a brand struggling to connect culturally with consumers who crave personalization and local identity. While Nike invests in flagship stores, its core product and marketing strategy remain globally homogenized. The new leadership’s primary task is translating global scale into local relevance, demonstrating that heritage and innovation must be culturally tailored to win back market share. Anta’s results highlight the power of strategic diversification Market intel: Anta Sports reported resilient 2025 results. While its core Anta brand posted low single-digit growth, its portfolio of acquired “Other Brands” — including Descente and Kolon Sport — surged 45-50%. This multi-brand approach has insulated the group from sector-wide softness, with the premium outdoor segment nearing 10 billion RMB ($1.4 billion) in annual sales. Yesterday, Anta announced its most significant acquisition yet: a 29% stake in German sportswear brand Puma for 1.5 billion euros ($1.8 billion), making it Puma’s largest shareholder. The purchase advances Anta’s “single-focus, multi-brand, and globalization” strategy. Market indicator: Anta’s performance demonstrates how portfolio diversification mitigates risk in volatile markets. By building a house of brands spanning mass to premium and fashion to professional, the company captures growth across consumer segments. The Puma acquisition reinforces this approach: rather than betting on a single label, Anta is assembling a global brand portfolio where each nameplate targets distinct consumer tiers and geographies. In fragmented markets, multi-brand models offer greater resilience than single-brand strategies vulnerable to localized downturns. Gold price surge drives Chinese jewelers’ rising global clout Market intel: Surging gold prices and Spring Festival demand have fueled a rally for Chinese gold jewelers. LaoPu Gold’s shares jumped as spot gold broke $5,000/ounce, with stores in malls like Beijing SKP reaching daily capacity limits. The brand’s revenue surged 251% YoY in H1 2025. This performance has propelled its market capitalization above established players including Chow Tai Fook, positioning Chinese gold jewelers as formidable competitors in global luxury valuations. Market indicator: Brands like LaoPu Gold succeed by combining gold’s intrinsic value with culturally resonant design, creating products that function as both investment and identity markers. Their market capitalization gains signal a broader shift: in luxury, heritage brands face growing competition from players offering cultural authenticity and strong commercial momentum, particularly when anchored by a universally trusted asset class.

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China signals: Porsche’s pullback, Nike’s reset, Anta’s rise, gold’s surge