Tech
Who’s Dominating Athleisure Right Now And Why It Isn’t Giants Like Nike And Lululemon
CNBC Marathon covers the changing athleisure market and how up-and-coming brands like On Running and Vuori are taking on industry names like Nike and Lululemon.
Nike is the world’s largest sportswear brand but the company is on a mission to regain its stride after a challenging year. A series of poor earnings reports over the past year eventually wiped out $28 billion from the company’s market cap and in June, the company experienced its worst trading day ever as a publicly traded company. Nike has blamed its performance on everything from macro challenges to remote employees, but analysts say it was part of a years-long series of strategic errors. During an effort to focus on direct-to-consumer sales through digital channels, analysts say the company has started to lack innovation and ceded market share to newer rivals like Hoka and On Running. Nike is now dealing with an excess of inventory from major sales slowdowns as consumers turn to newer styles from other brands. Now, all eyes are the company’s new CEO, 32-year Nike veteran Elliott Hill, to turn the sportswear giant around.
Nike and Adidas have long dominated the global sportswear market, but a Swiss sneaker company is quickly gaining ground. The brand On sells premium priced athletic wear and is most known for its trademark running sneakers with hollow pads in the sole. In its most recent quarter, the company reported net sales of $869 million, over 40% higher from the year prior. Meanwhile, Nike’s revenues have fallen 9% this year, compared to the same quarter last year. Nike still owns around 40% of global market share in athletic footwear, and On makes up a little under 3%, but that share has increased eightfold since 2019. Experts say On is now one of the biggest challengers in sportswear. But with Nike mounting a comeback and potential tariffs looming, can the Swiss brand maintain its edge? CNBC visited On’s headquarters in Zurich, Switzerland to get a behind-the-scenes look at the company and how its shoes are made.
Southern California-based athleisure brand Vuori has quickly made a name for itself in a saturated industry largely dominated by Lululemon and private Alo Yoga. In 2021, the company raised $400 million from Japanese SoftBank, the largest investment round by any private apparel brand at the time. In November 2024, it landed another investment round for $825 million bringing its valuation to $5.5 billion. The company will likely complete an IPO in the near future. The question is, can it keep the momentum and eventually take over giants like Lululemon?
From where these big-name brands are misstepping, to where their contemporary challengers are thriving, the activewear space is continuing to expand and innovate: right now, it’s about who can keep up. This CNBC marathon uncovers what strategies have been helping, hurting and changing the fates of these brands, those that pioneered the industry and those that may soon take their place and what might be in store for them next.
Chapters:
00:00 Introduction
1:11 Why Nike Is Struggling (Published December 2024)
11:09 How On Running Shoes Are Taking On Nike And Adidas (Published May 2025)
21:36 How Vuori Is Taking On Lululemon And Alo Yoga (Published January 2025)
Produced by: Merritt Enright, Natalie Rice
Edited by: Andrea Miller, Darren Geeter, Natalie Rice
Camera by: Lorenz Huber, Natalie Rice
Animation by: Jason Reginato, Mithra Krishnan, Midnight Snacks
Senior Managing Producers: Shawn Baldwin, Tala Hadavi
Supervising Producer: Jeniece Pettitt
Additional Reporting by: Sara Eisen, Gabrielle Fonrouge
Editorial Support by: Gabrielle Fonrouge
Additional Camera: Ryan Baker
Additional Editing by: Marc Ganley
Additional Footage: Getty Images, Nike, Reuters, On, Vuori, AP Images, TikTok
Additional Sources: FactSet
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Who’s Dominating Athleisure Right Now And Why It Isn’t Giants Like Nike And Lululemon
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Venture capital is buying its way into the AI transformation that enterprise software hasn’t delivered. Instead of selling AI tools to companies, venture firms are buying legacy companies outright and rebuilding them around AI from the inside. The bet puts VCs on offense and leaves traditional private equity, which spent the last cycle buying enterprise software at peak prices, on defense.
The strategy is known in Silicon Valley as the AI rollup. Over the past six months it has crossed into public markets twice: General Catalyst and Trian’s $7.6 billion take-private of Janus Henderson (JHG) in December, and Long Lake Management’s $6.3 billion agreement in May to take American Express Global Business Travel (GBTG) private at a 65 percent premium. CNBC’s Deirdre Bosa has the story.
Chapters:
0:00 – 0:55 Introduction
0:56 – 4:31 The AI rollup
4:32 – 5:34 Where private equity got it wrong
5:35 – 7:20 A risky bet
Anchor and Columnist: Deirdre Bosa
Produced by: Jasmine Wu
Edited by: Andrew Evers
Senior Director of Video: Jeniece Pettitt
Animation: Emily Park
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AI Rollup: Silicon Valley’s New Buyout Playbook Is Hitting Wall Street
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For two years, companies bought AI one way: pick the most powerful model and run everything through it. That era is ending.
A new discipline called model routing is taking hold, sending hard tasks to expensive frontier models and easy ones to cheaper, faster alternatives. It can cut AI bills dramatically. But it also means OpenAI and Anthropic stop getting paid for every task, which complicates the IPO story both are built on.
Deirdre Bosa talks to Scott Wu, co-founder and CEO of Cognition (maker of the coding agent Devin), about his new engineering value guarantee, why Devin routes across models automatically, and what it actually takes to measure AI’s return. Then Cisco President and Chief Product Officer Jeetu Patel on the cost shock hitting the enterprise, why his own company blew through its AI budget, and whether the frontier labs can hold their pricing power.
Anchor and columnist: Deirdre Bosa
Produced by: Jasmine Wu
Editing by: Erin Black
Technical Associate: Sami Savona
Senior Director of Video: Jeniece Pettitt
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Why The Fix For AI’s Spending Problem Is Not Good For OpenAI And Anthropic
Why The Fix For AI’s Spending Problem Is Not Good For OpenAI And Anthropic
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Intel issued a safety recall for its Basis-brand fitness watch, warning that the device could cause blisters or burns.
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Intel Recalls Its Smartwatch | CNBC
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The rapid spread of AI across corporate America is creating a crisis for young adults with college degrees who are finding a slowdown in hiring for entry-level positions in AI-exposed industries.
Find the full report in related video.
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CNBC’s Deirdre Bosa reports on Alibaba’s entry into the smart-speaker market with the Genie device, which the tech giant announced Wednesday. For now, the device only speaks Mandarin.
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Alibaba Unveils Smart Speaker To Rival Amazon Echo And Google Home | CNBC
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