For decades, Nike and Adidas have dominated the global trainer market, with iconic models such as Nike’s Air Jordan and Adidas’s Samba shaping footwear trends worldwide. However, recent years have seen an unprecedented shift as emerging brands gain traction, challenging the long-held supremacy of these industry giants.
The disruption comes amid rising living costs and changing consumer preferences, factors that have contributed to a significant decline in the market value of Nike and Adidas, erasing nearly £150 billion combined from their valuation. Analysts point to a series of strategic missteps by the established companies, particularly their heavy investment in direct-to-consumer online sales during the COVID-19 pandemic, which inadvertently left retail shelf space open for competitors.
New entrants and smaller innovative brands have capitalized on this opportunity, using social media platforms and the post-pandemic surge in running to expand their market presence. On, a Swiss company founded in 2010 by triathlete Olivier Bernhard, has grown to become a £7 billion enterprise known for its distinctive cushioned soles and experimental designs, including spray-on shoes. Similarly, Hoka has been credited with capturing a notable share of the market by appealing to performance-oriented consumers.
The fashion choices of high-profile celebrities reflect this evolving landscape. Model Hailey Bieber often sports Salomon, a brand transitioning from skiwear to lifestyle footwear, while actress Zendaya serves as a prominent ambassador for On. Pop star Rihanna has aligned with Puma through her Fenty brand, and Taylor Swift, once associated with Adidas, increasingly favors Hoka and New Balance, signaling shifts in celebrity endorsements away from traditional leaders.
Despite holding the largest share of the global sportswear market, Nike has struggled to achieve sales growth over the past three years. Its shares have fallen by about 80 percent from their peak, while Adidas shares have dropped around 50 percent. Industry experts highlight the impact of the "guochao" trend in China, where rising national pride in homegrown brands has led to a nearly one-third decrease in Nike’s sales since 2021. Chinese rival Anta has capitalized on this momentum, expanding internationally by opening its first U.S. store and signing notable athletes including Kyrie Irving and Eileen Gu.
Adidas has had relatively better performance, buoyed by the enduring popularity of its Originals collection. Classic designs like Sambas and Gazelles maintain a steady following in markets such as the UK, while its innovative 3D-printed shoes attract sneaker enthusiasts. The brand also benefited from high-profile sporting achievements, including Kenyan runner Sabastian Sawe’s sub-two-hour marathon run in Adidas footwear. However, Adidas faced reputational challenges following its association with rapper Kanye West, which ended in late 2022 amid controversy surrounding his antisemitic remarks.
Sports figures have increasingly partnered with alternative brands, further diversifying the industry. English footballer Harry Kane joined Skechers in 2023, Formula 1 driver Lewis Hamilton endorses Lululemon, and tennis player Emma Raducanu wears Uniqlo. Analysts note pricing as a key factor in shifting consumer behavior in the U.S., where tariffs and economic concerns have made competitively priced emerging brands more attractive compared to the premium pricing of Nike and Adidas.
Overall, the trainer market is undergoing a notable transformation, characterized by rising competition from innovative newcomers, changing celebrity alliances, and evolving consumer tastes. Established brands face mounting pressure to adapt to these shifts in order to regain momentum in a rapidly evolving industry.