Asics Leans On ‘Caregiver’ Strategy
Asics Leans On ‘Caregiver’ Strategy
Asics believes it can continue to differentiate itself in the running and athletic footwear markets by differentiating itself as a ‘caregiver’ brand. In a June presentation to investors, the company cited eight reasons that consumers gravitate to a particular sports brand. It cited ‘supports mental well-being,’ ‘caring,’ and ‘gives back to society’ as three factors that are important to consumers but are not related to a particular running brand in the eyes of consumers. Asics hopes to capitalize on these three factors to reach more consumers with its products.
Citing Metrics Lab, Asics says global running participation has grown 5 percent to 44 percent of the overall population during the COVID-19 pandemic. The company wants to become the market share leader in three major regions—Japan, the U.S. and Europe—and says it will do so by expanding its brand’s reach to more younger consumers and women. By 2025, Asics wants to own a 25 percent share in the U.S. running specialty market.
Already working to strengthen initiatives within the running specialty segment, Asics had the third-highest market share (13.1%) in U.S. running in Q1, according to NPD data, was tops in Europe (29.3%) and third (13.9%) in its home market.
During H1 ended June 30, Asics’ global sales rose nearly 43 percent in Yen to the equivalent of $1.91 billion on operating income of approximately $218.9 million. North American revenues were up 51 percent year-over year to $390.4 million with regional digital sales improving 19 percent during the period ended June 30. Performance running sales were 54 percent higher in Yen to the equivalent of $990.8 million, fueled by strong gains in Japan, North America, Europe, and Greater China. Meanwhile, strong sales increases in Europe and North America fueled a 36 percent increase in quarterly Sports Style sales at approximately $156.3 million.
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