Tuesday, 10 February 2026 Reading time : 3 minutes

The sporting goods industry is dominated by major players such as Nike, Adidas and Puma. However, there are also companies that have successfully established themselves in this challenging market, even away from the spotlight. One such company is Deckers Outdoor. Its name may be unfamiliar to many consumers, but its brands, Hoka and UGG, have established themselves in the sports and lifestyle segment in recent years.

Hoka, originally a niche supplier of running and trekking shoes, stands out for its strong growth in particular. According to company figures, sales have almost quadrupled in the last four years. Today, Hoka's voluminous shoes are popular not only with runners, but also with fashion-conscious consumers. UGG, known for its iconic sheepskin boots, is also experiencing steady growth, with sales increasing by almost 50% between 2021 and 2025. 

The US shoe manufacturer, which is based in California, is thus slowly but surely expanding its market position. Compared to industry leader Nike, Deckers Outdoor may be a small player. However, in the sports shoe sector, Hoka models are emerging as competitors to Nike as data based on transactions at Dick's Sporting Goods, the largest US sports retailer, suggests. According to this data, Hoka's market share in the sports shoe segment rose to 13% in May 2025 (compared to 8% in May 2024), while Nike's share fell from 39% to 32% over the same period, according to Reuters. 

In fact, Nike has been struggling with various problems for several years. These include weakening sales in China, rising production costs due to tariffs, and increasing competition from new, emerging rivals. Alongside Deckers Outdoor, these rivals include the Swiss company On Holding, whose distinctive CloudTec soles have helped it gain market share in recent years. 

Despite these challengers' successful positioning, the sports and leisure brand market remains highly competitive. Nike is currently working on a turnaround – if successful, this could also slow down the success story of the newcomers.

Barrier Reverse Convertible on Sports Shoe Producers
15.00% p.a. BRC on Deckers Outdoor, Nike, On Holding
Barrier: 57%
Valor: 151 093 071

Indicative terms

 

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