Asics accelerates in Europe
Europe is still affected by the Covid-19 pandemic, but it remains a growth market for Japanese sport brand Asics. In January-March 2021, Asics generated a revenue of JPY31.121 billion (€233.8 million) in the region, equivalent to a 43% increase, notably driven by robust results in the performance running category.
Notably, the Japanese brand’s Q1 operating income in Europe was worth JPY5.496 billion, approximately €42 million, a figure ten times higher than in the same period last year. A jump that Asics said was chiefly driven by “an increase in gross margin resulting from a rise in online sales and in the gross profit on products sold through the wholesale channel.”
Specifically, Asics’s revenue grew by 79.4% in Italy, by 66.8% in Germany, by 57.6% in Spain/Portugal, by 52.1% in the UK and by 46.1% in France, while its online revenue increased by 125% across Europe in the period in question.
“I’m greatly encouraged by these results, which show we are on a positive track throughout the region,” said Carsten Unbehaun, CEO of Asics EMEA. “Our business has grown significantly compared to last year, despite the temporary closure of a number of our own and our partners’ stores due to the Covid-19 pandemic. The revenue rise in Q1 stems from our growth in existing sales channels, from an increase in market share and from the phasing-in of our Spring/Summer 2021 collection,” he added.
Citing data provided by NPD, Asics said it has consolidated its position as European leader in the running and tennis categories. In March, Asics launched two new models of running shoes with carbon plates. But it is also keen to grow in the urban sneakers segment, notably in France, where it aims to become one of the market’s top five brands.
In Q1, Asics reported a worldwide revenue of JPY106.549 billion, equivalent to €800 million, up by 24.8%. Operating income was JPY14.604 billion (€110 million), a vast improvement over the JPY882 million loss recorded in Q1 2020.
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