There is no doubt that the global footwear market is growing leaps and bounds over the past few decades, thanks to the drastic rise in consumer spending patterns, and inherent change in the consumer perspective to give precedence to style on the same footing as comfort. Standing on the verge of a retail revolution and undergoing a fast-changing retail landscape, major shoe companies are witnessing the phenomenal growth in revenues over the years and the global footwear industry is unlikely to slow down anytime soon with the global demand for footwear growing at an impressive rate.
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Global Footwear Market Analysis
Considering the booming sales of a wide range of footwear products through the online and offline distribution channels, Technavio’s market analysts have estimated that the footwear market will register a revenue of close to $353 billion by 2022. The demand for premium footwear products is staggering, thanks to the introduction of innovative designs and advanced technical fabrication by world’s leading shoe companies, which in turn, is triggering the growth of the global footwear market. World’s leading footwear companies like Adidas, ASICS, and Nike are best known for their innovative offerings.
As per the report, the non-athletic segment will account for the highest growth in the footwear market owing to evolving demands, growing consumer base of internet sales, and faster shipping services. Consequently, the footwear market is expected to grow at a CAGR of more than 2 % by 2022.
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Top 10 Shoe Shoe Brands in the World 2019
As one of the world’s largest shoe companies and shoe brands, Nike has always been at the leading edge of innovation, technology development and cutting-edge marketing campaigns that help them surpass all the other brands in the world in terms of popularity and sales. Nike’s latest ‘Just do It’ marketing campaign featuring ‘Colin Kaepernick’ has proved to be beneficial for the company this year as it helped grow their online sales of footwear products across the world. Nike, the world’s largest sports footwear brand is reinventing itself for the digital era. Although it is in the early innings of a transition, the company is taking several steps toward its goal to become a retail tech company and some of these tactics are already appearing to be working. Nike is also getting its flagship products right with shoes like Nike Air Max 270, ZoomX, React, and VaporMax has landed with customers.
With its roots in Germany, Adidas has become one of the top shoe companies and shoe brands in the world. The company produces more than 900 million sports and lifestyle products with independent manufacturing partners around the world. The company generated sales of approximately $25 billion in 2017. These staggering numbers alone are the testaments that Adidas is quite a large and multifaceted company. With more than 1000 stores across the world, the shoe brand has risen to extreme heights of success. Adidas has not only become the symbol of sports fashion but also has presented a collective image of street, pop-culture, music, sports and other fashion statements, creating its existence through its remarkable communication strategies.
3. New Balance
Unlike its rivals, the Boston-based multinational corporation, New Balance, shuns celebrity endorsement. The company claims to underline substance over style by highlighting lesser-known athletes. Besides manufacturing men’s and women’s shoes for basketball, tennis, golf, hiking, running and cross training, New Balance offers fitness apparel and shoes for kids and owns shoemaker Dunham. The company’s products portfolio also includes Aravon shoes for comfort performance, Warrior hockey wear, PF Flyers footwear, and Brine, a leader in field hockey, lacrosse, soccer, and volleyball. The company is striving to expand beyond the US and it recently opened its first UK store on London’s Oxford Street.
ASICS is one of Japan’s top shoe companies and other equipment. Since its foundation in 1949, ASICS has been one of the global footwear brands that are committed to nurturing the youth across the world through sports to contribute to society. Over more than six decades, the company inherits its values and provides own products while capturing the changes in the social environment. ASICS recently announced the launch of its new product ‘Solution Speed’ tennis footwear which is designed to enhance agility and speed during the game. The Solution Speed shoe feature three of company’s advanced technologies including Court Specific FlyteFoam, TWISTRUSS, and FLEXION FIT.
5. Kering (PUMA)
Kering is one of the world leaders in apparel and accessories that develops an ensemble of powerful luxury, lifestyle and sports brands, some of those including Gucci, Bottega Veneta, Volcom, and Puma. Its Puma brand provides an impressive and versatile collection of shoes/footwear, apparel, and accessories. Over the past few decades, Puma has consistently evolved to introduce a diversified product portfolio that includes Puma Suede, Basket, Roma, Easy Rider, and many more. Puma’s motorsports collection includes co-branded sneakers with leaders including Ducati and Ferrari. The brand’s latest technologically advance sneaker Faas, is endorsed by the fastest man in the world, Usain Bolt.
Founded in the year 1992, Skechers is one of the fastest growing shoe companies in the US, focusing on trendy and casual styles for men and women between the ages of 19 to 40 years. The billion-dollar and award-winning company stems from the high-quality product offering, cutting-edge print and television advertising, and diversified domestic and global distribution channels. Skechers’ products include boots, sneakers, training shoes, oxfords, sandals, and semi-dressy shoes. The company offers street-focused and fashion footwear under the Zoo York, Marc Ecko, and Mark Nason brands. Skechers shoes are sold in more than 160 countries through specialty stores and some 390 company-owned outlet stores.
Beginning as a textile firm in Biella, Italy more than nine decades ago, Fila (Fabbrica Italiana Lapis ed Affin) has since grown into one of the top shoe companies and shoe brands in the categories of tennis, soccer, and running in Asia, Europe and Americas. Indeed, today, Fila is a leading designer and marketer of footwear, apparel, and accessories for sport and leisure with products categories including casual and athletic footwear, casual wear, activewear, and sportswear. The Company offers its wide range of products under a number of brands, including Tratto, Das, Giotto, D idò, Pongo, Lyra, and others.
For more than 130 years, Bata has been the most recognized footwear brand in the world. Today, the company which is led by the third generation of Bata family continue to dedicate themselves to finding new shoe materials, developing innovative technologies, and manufacturing new products that blend fashion with comfort. The company today has a presence in over 60 countries with more than 5000 retail stores, 24 fully-owned factories, and dedicated e-commerce operations. Bata combines the best of local and global, effectively catering to the needs of consumers across the world, making it one of the world’s fastest growing shoe companies.
Burberry is the well-established manufacturer of luxury clothing, readymade fashion outerwear, fragrances, cosmetics, sunglasses, shoes and other accessories for men, women, and children. It is one of the most recognized brands in the EU, Australia, US and various other parts of Asia. The British designer company is planning to expand its shoe business rapidly and is set to make a strategic investment in its leather goods supply chain. Burberry recently acquired a leather-good facility from its Italian partner CF&P.
10. VF Corporation
Founded in 1899, VF is one of the world’s leading apparel, footwear, and accessories companies with socially responsible operations spanning several geographies, distribution channels, and product categories. It serves consumers across the world with its wide-ranging portfolio of lifestyle apparel and shoe brands including The North Face, Wrangler, Lee, Timberland, and Vans. Their brands’ popularity got them many consumers which prompted them to open outlet stores across the globe. Further, the company launched its e-commerce portal in 2019
The Future Trends in the Global Footwear Market
Evolution of footwear has necessitated major shoe companies to focus on strategies such as faster delivery processes, mass customization, and personalization. Mass customization and personalization have slowly been gaining importance in the footwear and apparel industry. These factors are driven by technology, supply chain transformation, and organizational restructuring. Major advances on the technological front like looking out for the measurements of consumers to final product development and delivery have facilitated this trend. Adidas Group and Nike are two of the pioneers and largest shoe companies in the establishment and adoption of customization techniques. Such mass customization and personalization of sports footwear are enabling footwear companies to further attract consumers and help them build a strong brand loyalty.