There’s softness in lifestyle sneaker demand across Europe.
BNP Paribas equity research senior analyst Laurent Vasilescu doesn’t think there’s a near-term recovery on the way for the category, following series of calls with Dieter Schott, the commercial director and senior executive of Sport 2000. Sport 2000 is a leading sporting goods retailer in Europe — it has 3,000 locations that generated 5.3 billion euros in revenue in 2025. A recent group call focused on category trends and early reads for 2026.
Lifestyle footwear, primarily sneakers, accounted for 18 percent to 19 percent of 2025 sales at Sport 2000, down from 25 percent in 2024. The segment is under pressure amid elevated inventory levels and heavy promotions that are expected to continue in the first half of 2026.
Vasilescu noted Schott’s view that Nike‘s decision to step back from the wholesale channel prior to Elliott Hill’s tenure as CEO might still be impacting its relationship with retailers, including Sport 2000. During that pullback, retailers gave shelf space to competitor brands, including Hoka, Puma, New Balance and On. And while Nike’s recent shoe innovations are generally well received, they have not translated into stronger consumer demand in a “meaningful” way in the mass-market price tiers, at least not across the European market at Sport 2000 locations, according to Schott.
But Nike isn’t the only one losing share in lifestyle. Vasilescu noted that Adidas has also seen a “material slowdown in the lifestyle offerings,” which is a reflection of broader softness in lifestyle sneaker demand.
When Adidas reported fourth quarter results on March 4, CEO Bjørn Gulden did note that while the quarter ended better than the company expected, the company’s forecast was that growth would slow in 2026. Adidas predicted that sales would continue to grow, but only in the high-single digits. During a company conference call, Gulden also noted a broader trend — that in Europe and America, there appear to be “a lot of red-marked product,” explaining that the discounts are because retailers are afraid of losing top-line momentum and therefore making deals.
Nike is set to report third quarter earnings results on March 31. Its second quarter report on Dec. 18, executive vice president and CFO Matthew Friend said during the company conference call that revenue was down 1 percent in EMEA (Europe, Middle East and Africa). “EMEA has maintained a healthy marketplace, although promotional activity has been heavier than expected. We saw growth in Central and Eastern Europe and the Middle East, offset by slight declines in Western Europe,” Friend said.
Vasilescu also noted that what appeared to be a slowdown in the lifestyle sneaker momentum seems to match the “recent return to dress trend with consumer preferences shifting toward dressier silhouettes like ballet flats and Mary Janes.” And while Sport 2000’s Schott said the 2026 World Cup could be a key brand building moment for Nike, Vasilescu said his estimation is that the revenue benefit from the event “will be small and one-time in nature.”
To be sure, for emerging sneaker brands that aren’t as well known as either Nike or Adidas, it won’t take much for them to move the needle in terms of brand growth. Vasilescu concluded: “[W]e are incrementally upbeat on the abilities of emerging brands to continue to take share and grow in the coming years.”
