Building Value in Performance & Outdoor Brands

Performance and outdoor remains an attractive consumer category, supported by long-term trends in sport, outdoor participation and active lifestyles. But growth is not being shared evenly.

Across the global peer set, specialist performance brands have materially outgrown many larger diversified incumbents. The strongest performers are combining a clear product proposition and technical credibility with disciplined expansion across products, consumers, channels and markets.   

This report examines what separates brands that successfully make that transition from those that remain respected but niche, and what that means for owners, management teams and investors assessing the next stage of growth.

Headline findings:

• Growth is concentrating in specialist brands. Brands such as HOKA, On and Arc’teryx have materially outgrown the large diversified sportswear groups since FY22, demonstrating the value of a sharper and more differentiated proposition.

  
  

• Strong brands are hard to copy for more than one reason. Durable advantage is built through multiple reinforcing layers, including provenance, hero products, visible innovation, independent proof and operating capabilities.

  
  

• A credible core creates room to expand. The strongest brands grow into adjacent products, audiences, occasions and geographies that remain recognisable extensions of what they are already known for.

  
  

• More DTC is not always better. Wholesale and direct-to-consumer serve different roles, and the evidence points towards a balanced channel model rather than maximising either one.

  
  

• Provenance does not require local manufacturing. Brand authority can sit in local production, materials and supplier relationships, or design, heritage and identity, allowing different sourcing models to support authentic positioning.

• Premium positioning alone does not determine valuation. Public and transaction multiples vary considerably, reflecting differences in growth, earnings quality, brand strength and strategic fit.

What you'll receive in the download:

• Global market and growth trends

• Strategic positioning across outdoor brands

• What makes a brand defensible

• How leading brands scale from a credible core

• Product and category expansion

• Footwear, apparel and product mix

• Wholesale vs DTC strategy, including Nike

• Global manufacturing and sourcing trends

• How NZ brands retain provenance while scaling

• Public-market and transaction valuation benchmarks

Download the full report for the complete analysis, charts and industry outlook.