A Note From Baiguan
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In Today’s Data Update
We are updating four sectors that we recently wrote about in the Baiguan newsletter, with BigOne Lab’s proprietary data as of March 2026:
Sportswear & Footwear: We previously highlighted how the rise of the “athleisure” trend and robust discretionary spending on sports and health in China are driving organic growth.
Luxury Goods — We previously noted that luxury goods are seeing a gradual comeback in China as sentiment improves among middle-class and affluent consumers. In particular, Laopu Gold and the broader gold jewelry sector deserve close attention.
Pop Mart — We previously detailed why we believe the IP sector is one of the best business segments in China and discussed Pop Mart’s valuation.
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1. Sportswear & Footwear | March 2026
Bottom line: March growth moderated from the elevated January–February base, but Q1 as a whole delivered meaningful sequential acceleration versus Q4 — particularly for integrated brands and running shoes.
January–February’s strong performance was shaped by a confluence of one-offs: delayed winter demand from a warm December, the Chinese New Year week pull-forward, and Winter Olympics-related brand exposure. As those tailwinds faded, March growth naturally cooled. But stepping back to Q1 as a whole, the sequential improvement over Q4 is real across the board:
FILA’s acceleration to +16% is the standout. Nike remains the outlier — Q1’s -16% shows no meaningful improvement over Q4’s -18%, consistent with continued weakness at the distributor and retail level.
Performance Apparel: Divergence Opening Up
March brought a visible slowdown for Amer Sports: +20% YoY, down from +29% in January–February, with Q1 at +27% versus Q4’s +37%. Descente (+29% in March, broadly in line with Q4’s +31%) and Lululemon (+22%, versus Q4’s +26%) are both holding pace well.
Running Shoes: The Standout Growth Story
Running shoes remain the cleanest high-conviction trend in our sportswear data. Despite a modest March moderation, Q1 figures are striking:
On Running and HOKA both accelerated in Q1 — this is not a base-effect story, it reflects genuine share gains in a Chinese running shoe market that continues to trade up.
