Operating Income
| Brand |
2021 (million) |
2022 (million) |
2023 (million) |
2024 (million) |
| Nike* |
$6.937 (122%) |
$8.107 (16,8%) |
$7.764 (–4,2%) |
$8.205 (5,7%) |
| Adidas |
$1.986 (144%) |
$669 (–66%) |
$268 (–60%) |
$1.337 (398%) |
| Puma |
€633,36 (166,3%) |
€728,29 (15%) |
€706,69 (–3%) |
€707,15 (0,1%) |
| Lululemon |
$1.333 (62,6%) |
$1.328 (–0,4%) |
$2.132 (60,6%) |
$2.700 (26,6%) |
| Under Armour |
$486,3 (179,3%) |
$333,4 (–31,4%) |
$263,5 (–21%) |
$229,7 (–12,8%) |
**Note:* This figure reflects the performance of the overall Nike, Inc. group, which includes not only the Nike brand but also Jordan and Converse.
Comparative Analysis: Inter-Brand and Industry Trends
A close comparison of Nike, Adidas, Puma, Lululemon Athletica, and Under Armour reveals distinct trajectories and strategic outcomes across the 2020–2024 timeline:
Nike continues to lead the industry with both its massive scale and solid profitability. Over the past four years, the company has consistently generated operating income above $7 billion—even as growth moderated in 2024. This figure reflects the performance of the overall Nike, Inc. group, which includes not only the Nike brand but also Jordan and Converse. The group’s resilience underscores the strength of its direct-to-consumer (DTC) strategy, its globally recognised brand equity, and ongoing commitment to product and digital innovation. With revenues approaching $50 billion in 2024, Nike maintains one of the broadest and most dependable revenue streams in the market, setting it apart from its competitors.
Adidas witnessed the most dramatic volatility, with operating income plunging by 66% in 2022 and 60% in 2023. However, its rebound in 2024 suggests successful restructuring and recovery following the Yeezy fallout. When benchmarked against Nike, Adidas lags in both scale and stability, though it has regained strategic clarity.
Puma stands out for operational consistency. While smaller in scale, it outperformed Adidas and Under Armour in maintaining steady year-over-year profitability. Its €622 million operating income in 2024 is nearly triple that of Under Armour, despite having similar revenue in euro terms, highlighting superior cost discipline and regional agility.
Lululemon Athletica leads in momentum. Its 62,6% jump in operating income in 2021 and continued double-digit gains through 2024 make it the fastest-growing brand across both revenue and income. When compared to Nike and Puma, Lululemon Athletica’s growth is more aggressive but based on a smaller base—though it continues closing the gap.
Under Armour shows declining competitiveness. While it achieved a significant turnaround in 2021, the brand has faced consistent declines since, ending 2024 with just $229,7 million in operating income—less than half of Lululemon’s 2021 figure. Among all five, it has the weakest profitability trend.
These intra-brand comparisons underline diverging strategies:
Nike’s scale vs. Lululemon Athletica’s momentum, Puma’s balance vs. Adidas’ rebound, and Under Armour’s continued volatility.
Lululemon Athletica outperformed all peers in cumulative growth over the four-year period.
Nike, Inc. remains the most profitable company in the peer group, with group-level operating income consistently above $7 billion—driven by the combined performance of its Nike, Jordan, and Converse brands.
Adidas’ volatility was unmatched, with a steep dip and dramatic rebound—highlighting sensitivity to portfolio disruption.
Under Armour trails in both revenue and income, raising long-term strategic concerns.
Puma offers the most balanced trajectory, with dependable growth and solid returns despite market fluctuations.
Industry-Wide Insight
The broader athleticwear and fast fashion market is evolving rapidly, with top performers leveraging DTC, digital commerce, and regional agility. The industry’s projected CAGR of 5–7% through 2030 remains achievable—but only for brands embracing innovation, sustainability, and consistent customer engagement.
Revenue by Region (2024): Shifts in Global Demand
In 2024, the global sportswear market revealed clear shifts in regional demand, with brand performance highlighting the winners and the exposed. North America, historically the engine of growth, showed signs of cooling. Under Armour felt this most acutely, with over 60% of its sales tied to the region, which declined by 8,3%. This sharp drop exposed the brand’s vulnerability to regional slowdowns. Meanwhile, brands with broader international footprints fared better.
Puma demonstrated the strongest global balance, with revenue nearly evenly split - 40,1% from the Americas, 39,4% from EMEA (Europe, Middle East, Africa), and 20,5% from Asia-Pacific. All three regions delivered year-on-year growth, led by Latin America’s surge in the Americas. Adidas also leveraged its geographic spread, pulling 32% of its sales from Europe, 22% from North America, and 15% from Greater China, while its developing markets strategy paid off with 14% coming from emerging economies.
The takeaway is clear: brands like Puma and Adidas, which have diversified geographically, are better positioned to weather volatility. With Asia-Pacific and EMEA markets showing continued momentum, companies expanding in these regions are mitigating the risks tied to softening demand in North America. In contrast, Under Armour’s overreliance on its home turf has become a liability amid shifting global dynamics. Nike and Lululemon Athletica did not disclose the revenue split based on region.
Revenue by Channel (2024): The DTC Advantage
Distribution strategies in 2024 further separated the frontrunners from those still pivoting. Across the industry, direct-to-consumer (DTC) channels continue to gain ground, driven by higher margins, stronger consumer engagement, and the digital boom. Brands accelerating their DTC mix are reaping the rewards.
Puma, while still heavily reliant on wholesale (72,5%), made meaningful progress, growing its DTC sales to 27,5% with a standout 21,1% surge in e-commerce. Adidas displayed a more balanced channel structure - 60% wholesale and 40% DTC—with digital channels accounting for a healthy 18% of total sales. This mix positions Adidas well as consumer habits shift toward online and branded store experiences.
Under Armour, in the midst of its own transition, saw wholesale revenue fall by 6,5%, while its DTC grew modestly at 3%, signaling the early stages of its shift toward a consumer-led model.
Notably, Lululemon Athletica and Nike, though not detailed in this section, continue to set the benchmark for DTC success - Nike, Inc.’s robust DTC channel being a key pillar behind its consistent $7 billion-plus operating income.
The industry trend is unmistakable: brands that are accelerating their DTC and digital presence are achieving higher profitability and deepening consumer loyalty. Among the names shown, Adidas boasts the most balanced channel mix, while Puma is catching up rapidly, outpacing Under Armour in DTC momentum despite its higher wholesale exposure.
Strategic and Brand Developments (2023–2024)
Nike, Inc.
Brands: Nike, Jordan, Converse
Nike, Inc. reinforced its digital ecosystem and international presence in FY2024:
Retail Expansion: In Q4 FY2024 (ending May 2024), Nike opened new concept stores in Paris and Seoul, and invested in expanding its Nike App integration in Greater China.
Brand Ambassadors: Serena Williams and Megan Thee Stallion continued to front Nike Women campaigns (launched in January 2024); KL Rahul was announced as a regional ambassador in India in February 2024.
Leadership and Creative Direction: CEO John Donahoe and Chief Design Officer Martin Lotti continued in their roles. The SNKRS platform underwent enhancements in April 2024.
Adidas AG
Brands: Adidas, Adidas Y-3, Terrex
Adidas focused on rebuilding post-Yeezy exit under CEO Bjørn Gulden:
Retail Expansion: Terrex stores expanded in Germany and Scandinavia between Q1–Q3 2024; Originals stores reopened globally.
Brand Ambassadors: Jennie (BLACKPINK) joined in January 2024, Jenna Ortega in March 2024; Lionel Messi and Jude Bellingham remained key faces.
Leadership and Creative Direction: CEO Gulden restructured brand category teams and launched the 'Back to Sports' reset plan in February 2024.
PUMA SE
Brands: Puma, Cobra Golf
Puma advanced its hybrid sport-lifestyle branding globally:
Retail Expansion: Launched flagship stores in Bangkok (January 2024) and New York (March 2024); upgraded German logistics hub.
Brand Ambassadors: Neymar Jr., Suga (BTS), Dua Lipa, and LaMelo Ball fronted various capsule launches from February to May 2024.
-Events and Sponsorships: Supported FIFA Women’s World Cup (late 2023) and expanded Formula 1 partnerships into 2024.
Lululemon Athletica Inc.
Brand: Lululemon Athletica
Lululemon Athletica solidified its wellness leadership:
Retail Expansion: Opened stores in Barcelona (February 2024) and Osaka (April 2024).
Brand Ambassadors: Anya Taylor-Joy and elite female athletes were revealed in March 2024 as faces of the 'Further' campaign.
Leadership and Creative Direction: CEO Calvin McDonald reaffirmed expansion in menswear and community-led retail.
Under Armour, Inc.
Brand: Under Armour
Under Armour focused on streamlining retail and marketing:
Retail Expansion: Opened DTC outlets in Texas (January 2024) and Seoul (February 2024).
Brand Ambassadors: Steph Curry’s role as face of Curry Brand was formalised with capsule drops in April and August 2024.
Leadership and Creative Direction: CEO Stephanie Linnartz launched strategic workforce and marketing restructures in Q1 2024.
Outlook for 2025
Nike, Inc.
Nike plans to increase investments in AI-driven product customisation and digital member services. The company has announced new women's-focused retail rollouts in Brazil and Southeast Asia by mid-2025 and aims to expand its digital ecosystem through localized SNKRS enhancements.
Adidas AG
Adidas will continue executing its 'Back to Sports' strategy in 2025 with a greater emphasis on performance footwear innovation. The company plans to relaunch select Yeezy designs under a new ethical framework and increase inventory controls after 2022–2023 supply issues. It also plans to grow in China with locally relevant drops.
PUMA SE
Puma is expected to expand its Formula 1 collaboration portfolio and invest in eco-friendly production facilities in Eastern Europe by late 2025. Plans include leveraging LaMelo Ball’s lifestyle line and Dua Lipa’s studio wear for Gen Z-focused capsules.
Lululemon Athletica Canada Inc.
Lululemon Athletica aims to surpass $12 billion in revenue by FY2025, with key growth expected from China and Germany. The brand is expected to roll out more co-branded wellness experiences and will pilot regenerative product collections in Q3 2025.
Under Armour, Inc.
Under Armour is slated to simplify its brand portfolio and consolidate product categories by mid-2025. The company plans to strengthen its APAC presence and is expected to partner with new sports franchises to regain brand equity, particularly in basketball and training gear.
Conclusion
Between 2020 and 2024, the fast fashion and athleticwear industry demonstrated both resilience and divergence. Brands that successfully integrated direct-to-consumer strategies, digital platforms, and regional agility—such as Lululemon Athletica and Nike—outperformed peers in both revenue growth and profitability.
Lululemon Athletica, in particular, showed the highest operating income growth across the five-year period, driven by aggressive international expansion and product innovation, while Nike maintained the highest absolute profitability and global brand dominance.
In contrast, Under Armour and Adidas experienced fluctuating performance. Under Armour’s recovery after 2020 was short-lived, with consistent operating income declines and a high dependence on a softening North American market. Adidas, though rebounding strongly in 2024, was significantly affected by portfolio disruptions (Yeezy) and restructuring in 2022–2023.
Puma emerged as the most balanced performer—steadily growing in revenue and maintaining a consistent operating margin, bolstered by strong APAC and EMEA market growth and efficient wholesale-DTC mix.
Across the industry, the shift to DTC, regional diversification, and digital activation was central to performance. The winners of this period aligned operational models with evolving consumer behaviour and demonstrated agility in supply chains, leadership, and brand communication.
Looking Ahead to 2025: All brands have announced ambitious strategies to build on recent momentum or to recover lost ground. Nike and Lululemon Athletica aim to lead in AI and community-led wellness retail. Adidas is focused on a product innovation comeback, particularly in performance footwear and its China market. Under Armour plans further restructuring. Puma’s attention to sustainability and F1 visibility indicates its continued pursuit of balanced growth.
The next phase of competition will likely hinge on execution speed, digital ecosystem cohesion, and supply chain resilience in an increasingly sustainability-conscious and inflation-sensitive global market.
Read the full Nike report here,
Adidas here
Puma here
Under Armour here
Lululemon here
For a deeper dive into the comparative analysis on financial performance of other top brands, explore the
Fast Fashion’s Big Three: A Comparative Analysis of H&M, Inditex, and Fast Retailing here
PVH vs VF Corporation here
Navigating Divergence: Financial Highlights for LVMH, Richemont, and Kering here
Note: All figures above are presented in US dollars ($) for comparability. Currency conversions are based on average 2025 exchange rates: 1 EUR ≈ 1.14 USD
Sources: Bain & Company, McKinsey State of Fashion, official investor reports, earnings calls, and sustainability disclosures.
Cover Image Courtesy: Hypebeast, Puma Official Website, Jing Daily and sneaker.de.
