In 2020, Asics, the renowned Japanese sports giant, faced a tough year marked by a 13% decline in net sales and an operating income loss totaling ¥3.9 billion. The global Covid-19 pandemic had a significant impact on the company’s performance, leading to substantial losses in ordinary income and attributable to the parent firm.
However, amidst these challenges, Asics managed to find some silver linings. Notably, the company experienced success in the Chinese market, with Greater China sales seeing a 4% increase year-on-year. Performance running sales also grew impressively by over 25% on a currency-neutral basis in the region. Furthermore, Asics saw a remarkable surge in e-commerce sales worldwide, with a 112% rise in North America and a 134% increase in the EMEA region.
To navigate the evolving retail landscape, Asics strategically focused on digital opportunities and effectively managed its inventory. The company also took decisive action regarding its physical stores, including the closure of its flagship store on 5th Avenue in North America to enhance profitability.
Despite facing challenges in the EMEA region, Asics managed to limit the revenue decline to 7.3%. The company’s robust digital growth was buoyed by the introduction of new digital services and the successful launch of the Asics World Ekiden, a virtual running relay event that attracted 56,000 participants.
In terms of product innovation, Asics continued to lead the way by releasing new footwear products under its primary brand and the Onitsuka Tiger label. Collaborations with esteemed brands like Valentino helped generate buzz around the new collections. In Europe, Asics maintained its position as the top running label and gained market share in running, tennis, and indoor categories in key markets.
In spite of the hurdles faced in 2020, Asics demonstrated resilience and a commitment to adapting to the new normal. By seizing digital opportunities, introducing innovative products, and making strategic business decisions, Asics looks ahead with optimism and remains dedicated to delivering exceptional value to its customers.
For more information on Asics’s latest products and initiatives, visit Asics Official Website. Additionally, gain insights into the company’s financial performance and future outlook at Footwear News article.
