China's sportswear market is evolving with Chinese consumers starting to embrace domestic rival brands such as Anta and Li Ning. As per a Global Times report, in recent months, several domestic companies witnessed rapid market growth, while overseas brands' revenues stagnated. According to financial data published the US sportswear giant Nike, the company's revenues in China dropped by 5 per cent Y-o-Y to $2.16 billion.

The company said its business performance in the Greater China region this past quarter is in line with expectations, and that performance might get better in the next quarter. German sportswear brand Adidas also registered 24 per cent Y-o-Y decline in Q4 revenue ending December 31 in the Chinese mainland, Hong Kong and the island of Taiwan.

In contrast to the business bottleneck faced by the overseas brands, domestic sportswear companies are experiencing a boom. Chinese sports and fashion brand Li Ning saw profits in 2021 surge by 136 per cent to reach 4 billion yuan ($629 million), while its revenues increased by 56 per cent to hit 22.57 billion yuan in 2021. Revenues of another domestic sportswear brand Anta surged 52.5 per cent to reach 24 billion yuan in 2021, while gross profit in the region surged 78.1 per cent on a yearly basis.