On and Hoka are gaining market share, as Nike reports sales declines

Over the last year, sneaker brands On and Hoka have continued to see growth, while the sector’s biggest giant, Nike, has experienced sales declines.

Nike’s fourth-quarter earnings, reported on Thursday, showed a year-over-year revenue decrease of 1.7% for the quarter, to $12.61 billion. In addition, its annual results revealed the company’s slowest sales gain in 14 years. 

With their fast innovation cycles, close connection to younger customers and smart supply chain practices, On and Hoka are becoming a greater threat to the activewear giant. Both brands do a small percentage of Nike’s sales, at about $2 billion each per year. Nike, meanwhile, has reportedly struggled to attract younger customers.

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