MS (China) Sports Company Limited (Group), a direct wholly-owned subsidiary of Xtep International Holdings Limited (Group) that operates under licensing and royalty agreements for the Merrell and Saucony brands and subsidiaries in China, is reporting three-month and full-year 2024 retail trends for the company’s core Xtep and Saucony brands.
The prior joint ventures between Xtep and Wolverine Worldwide were terminated at the end of 2023 and began operating under the new licensing and royalty agreements at the beginning of 2024.
Core Xtep Brand
For the three-month Q1 period ended March 31, the Group said the core Xtep brand posted mid-single-digit year-over-year growth for the offline and online channels in China, with a discount level of approximately 25 percent to 30 percent. The sales trend for the quarter was down sequentially from the high-single-digit percent growth in the 2024 fourth quarter.
Channel inventory turnover for the Xtep brand was reported “around” four months.
Saucony
The Group said the Saucony brand posted more than 40 percent year-over-year growth for the offline and online channels in China in the first quarter. The sales trend for the quarter was down sequentially from the ~60 percent growth in the 2024 fourth quarter.
Image courtesy Saucony/Xtep International Holdings
