Professional Documents
Culture Documents
INDUSTRY ANALYSIS
May 1, 2006
TABLE OF CONTENTS
TABLE OF CONTENTS...............................................................................................................................2
4.1 INTRODUCTION.........................................................................................................................................24
4.2 EXTERNAL SUBSTITUTES...........................................................................................................................24
4.2.1 Footwear Sales Cycle..................................................................................................................24
4.2.2 Substitutability of Other Footwear..............................................................................................25
4.3 COMPLEMENTS.........................................................................................................................................25
2
5.0 SUPPLIER POWER..............................................................................................................................28
3
1.0 INTRODUCTION TO ATHLETIC FOOTWEAR INDUSTRY
The U.S. market for athletic footwear includes all producers of non-cleated,
rubber and plastic footwear designed in an athletic style or for athletic use. The industry
is a collection of smaller, segmented, yet often overlapping markets, defined by both the
price and the purpose of the shoes. For instance, there are mini-markets for shoes
designed for each of many sports and other purposes: basketball, running, walking,
tennis, and casual wear. The greatest overlap between these categories is between
performance shoes and casual wear. Many people wear running shoes or basketball shoes
on a daily basis in a non-athletic setting. One can walk or play basketball in running
shoes. Therefore, there is some degree of overlap between most segments.
The industry is dominated by a few large firms, while the majority of other
players have less than 5% market share. The graph below shows the market share
breakdown by sales volume for 2004, before the merger of the #2 and #3 firms, Adidas
and Reebok.
2% 1%
3% Nike
5% 1%
Adidas
6% Reebok
Puma
42% New Balance
12%
Skechers
K-Swiss
Vans
Asics
27% Saucony
Source: Hoover.com
These firms fight for market share through non-price competition, on strategies
such as strengthening brand image and increasing product proliferation. The success of
each firm is greatly dependent upon its marketing campaigns. The brand image of the
4
major firms is created by extensive marketing campaigns and celebrity endorsements.
Consumers associate themselves with a particular brand and tend to stick with the brand
with which they are comfortable. Entry to the industry is difficult as brand loyalties are
high.
The United States is the Domestic Production vs. Imported Footwear
(Millions of Pairs per Annum)
world’s largest importer of 2500
68
90
99
03
80
95
97
01
production and imports. Most
19
19
19
19
19
19
20
20
firms design the sneakers and
outsource their manufacturing to
foreign producers. The sneakers are then distributed to major retailers and are sold to the
consumer through a variety of channels.
The following provides an analysis of Porter’s Five Forces relating to the athletic
footwear industry; internal rivalry, entry barriers, substitutes and complements, supplier
power, and buyer power.
5
2.0 INTERNAL RIVALRY
Converse
Saucony
K-Swiss
Mizuno
Reebok
Brooks
Adidas
Type of AND1
Puma
Spira
Asics
Vans
Nike
Shoe\Company
Running X X
X X X X X X X X
Walking X X
X X X X
Basketball X X
X X X X
Children’s X X
X X X
Tennis X X
X X X
Lifestyle X X X X X X X
Skating X X
Cross-Training X X X X
Soccer X X X X
Source: Company websites of producers listed.
In terms of growth and sales for individual categories, running footwear accounts
for 25% of total athletic shoe sales and has been experiencing the strongest growth. As
seen in the above table, this is the category with the most participants. Its sales have
increased by nearly 25% in certain countries. Other sneakers, such as those designed for
basketball have been experiencing no growth at all. Women’s footwear sales were up 11-
13% overall, while skating shoe sales declined nearly 10%.
In the sneaker industry, the products are somewhat differentiated by design but
the players also try and emphasize the differences in their advertising. As a result, there is
an emphasis on non-price competition. With athletic footwear, consumers consider both
price and purpose, and firms attempt to produce shoes that compete in several different
price brackets. The U.S. sneaker industry is considered a mature industry although the
numbers in the table below, on footwear sales in the last decade, suggest that there is still
some amount of growth in the overall market.
2.4.1 Advertising
The top athletic shoe companies compete in advertising, aimed at building the
image of the brand and the products they are trying to market. To provide an illustration
of the high level of these expenditures, the following chart lists the advertising
expenditures both independently and jointly of the recently merged firms, Adidas and
Reebok.
Retail
Firms also make decisions regarding the distribution of their shoes in line with the
brand image they wish to maintain. Nike refuses to sell its flagship brand to low cost
retailers. In October 2005, Nike stopped selling to Sears in response to its merger with
Kmart. Sears will continue to carry products from Adidas, New Balance, Reebok, and
Sketchers (Hoovers.com). Though Nike does not sell products under the Nike brand to
discount retailers, it does target some of its other brands toward that market. Analysts
suggest that Nike will work with Sears again using one of its other brands, most likely
Starter (Kang 2005).
Other companies such as Brooks and Spira choose to market their products almost
exclusively to specialty running stores. Brooks Sports, which is a subsidiary of the
Russell Corporation, focuses on “high-performance running shoes” and considers itself
“the brand of choice among discerning runners of all abilities”
(www.brooksrunning.com). Spira Footwear, a young company that makes running shoes
with springs in the bottom, also plans to use this type of distribution decision to market
its shoes. Despite that their shoes are revolutionary, they lack aesthetic appeal. The
company’s CEO, Andy Krafsur, has suggested that the company needs to establish itself
“in the small stores where people explain the technology” (Gregory 2005).
Personalization
One unique distribution tactic that has entered the market place in the last few
years is allowing customers to design their own shoes. Nike pioneered this venue with the
introduction of the NikeID service in the spring of 2005 which allows customers to
personalize their shoes. Nike ID allows buyers to choose their own colors, materials, and
in some cases, add a wide variety of logos and images to the shoes (NikeID.com). Adidas
has also begun using this method in its soccer cleats. The new +F50 Tunit line allows the
customer to customize the weight of the shoe chassis, the weight of the cleats, and the
overall fit of the shoe (Holmes 2006).
New products can also enhance the image of a brand. The Nike Free, which lets
runners feel as if they are running barefoot, is an important product because it indicates a
shift in the way Nike views the interaction between their products and their consumers
(Citigroup 2006). The Free is meant to be used as a training tool to strengthen runners’
feet (Davis 2005). Another example is the Adidas 1 discussed above. This hi-tech shoe
will likely reinforce Adidas image as a firm at the forefront of athletic technology.
3.0 ENTRY BARRIERS
3.2 Image
Style-conscious consumers, guided in part by effective marketing, want shoes that
will enhance their image and not just cover their toes. Customers notice whether their
shoes have a swoosh or a lack thereof, thus entrants will have difficulty winning them
over without these symbols and the cool-factor that goes with them. Even in the athletic
shoe sector, the importance of fashion over function is rising. The “fashionization of
shoes” took off in 1997, when Puma enlisted designer Jil Sander to create a limited-
edition women's running shoe to ignite its lackluster image and sales (Orecklin 2002).
While the biggest firms routinely use established designers, entrants with limited capital
will be hard pressed to convince such revered professionals to sign contracts. Existing
shoe companies also have a financial advantage due to consumers’ willingness to pay
high prices for name brand shoes, especially those offered in limited editions. For
instance, Adidas’ sneakers created by designer Japanese Yohji Yamamoto retailed for up
to $590 (Orecklin 2002). While the image barrier is high, it is not insurmountable. With
its “endorsed by no one” policy, New Balance has proven that by creating a suitable
niche, high priced designers and endorsements are not a requirement for success in the
industry.
3.4.1 Marketing
The athletic shoe industry faces economics of scale in advertising, giving cost
advantages to incumbency. Larger firms can afford higher advertising expenditures than
any new firm could, and they are likely to place more ads in the first place. It would be
difficult for a start-up firm to compete with Nike given that the brand, its trademark
“swoosh,” and its simple slogan, “Just do it,” are known and valued worldwide. These
high marketing expenditures can result in higher quality advertisements; in 2005, the two
largest firms by market share, Nike and Adidas, won a total of 4 (out of 18 given) Gold
Clio Awards in the Television/Cinema ad category (http://www.clioawards.com/home/).
Furthermore, incumbents have lower advertising costs per potential customer due to
larger advertising reach. For instance, because Adidas sneakers are sold in more stores
than Saucony ones, ads for Adidas are more effective because viewers inspired to buy
Adidas shoes will have an easier time following through. Customers who see a Saucony
ad may give up before they find a store with the shoes they want or may even settle for a
different brand’s (Besanko 2003).
3.5.2 Consolidation
Larger incumbents also control entry by strategically acquiring smaller sneaker
companies. The sneaker industry has faced considerable consolidation recently, with the
aforementioned acquisitions of Reebok by Adidas, Saucony by Stride Rite, Converse by
Nike, and so on. Entering firms that are successful and gain market share pose threats to
the larger players. As a result, the major players preemptively buy smaller sneaker
companies before they grow too large and pose serious competition. The incumbents
have budgets large enough that they can simply buy up smaller companies, rather than
risking a loss in market share to them. The incumbent firms essentially make it
impossible for a new entrant to grow substantially without takeover. These acquisitions
allow the buyer to reap benefits from both increased scope and association with the new
trends in footwear. Potential entrants that notice this tendency but want to remain
independent may just choose not to enter in the first place.
3.6 Strategies for Entry
While barriers to entry are relatively high, there are a few key strategies that
would allow an entrant into the sneaker industry. The first strategy is specialization.
Many companies have successfully entered the athletic footwear market by targeting a
specific niche of consumer or designing for a particular activity. Designing footwear for
certain types of consumers or activities is no new task. Reebok gained its popularity by
doing just this in the early 1980s: Realizing that competing with established companies
such as Nike and Adidas would be tough, Reebok designed shoes for aerobics just before
aerobics ballooned in popularity across the US. As a result, their sneaker the Freestyle
became one of the best-selling shoes in history, they got a temporary lead over Nike in
the athletic-shoe industry, and they gained loyal customers who buy their products to this
day (Hoover.com). Today, newer companies are still using this tactic. The footwear
company Crocs started in 2002, making colorful, extremely comfortable clogs for boating
and outdoor use, and now they boast a wide product range and sales of $108.6 million
(Hoover.com)
The second strategy for entry is for non-sneaker companies with established
brands to enter the footwear market. Just as sneaker companies have expanded to apparel
and equipment, many apparel and equipment manufacturers are doing the same - moving
into the footwear sector for wider scope. Many clothing designers sell sneakers, from
Tommy Hilfigger to Gucci. Other companies have moved from seemingly unrelated
accessories to footwear, the most notable example being Oakley. Oakley, best known for
their sunglasses, brought their shoes to market in the mid 1990’s, and they have been a
huge success world-wide. The Oakley shoe is a unique hybrid of sneaker and hiking
shoes that are durable and fashionable. In 2000, Oakley’s Net sales skyrocketed 41%,
totaling $363.5 million. Since these companies have already established loyal customers
in other sectors, they are able to break into the sneaker market with less difficulty. Oakley
and the other designers are able to sell sneakers relatively well due to the fact that they
have already established well-known brands. These apparel companies rely on their
established brand images in order to capture sneaker consumers, who place high
importance on image and branding.
4.0 SUBSTITUTES AND COMPLEMENTS
4.1 Introduction
There are thousands of shoes available on the market today. How do consumers
know which ones to buy? Currently, the market for footwear is filled with substitutes for
sneakers. The primary complements to sneakers are other types of sports apparel, such as
t-shirts, socks, shorts, and jackets.
4.3 Complements
The most popular sneaker complement is sports apparel. Overall U.S. sports
apparel sales rose 12.9% in 2004, while other regions saw higher sales growth: 31.3% in
the Asian Pacific and 19.8% in Europe (Ohmes 2005). According to SGMA
International, young adults represent nearly 40% of all consumer sports apparel
purchased in 2004, and women outspend men in this sector. For many years, the best
selling sport apparel world-wide has been T-shirts (ANSOM).
Sales of apparel can represent a large part of the sneaker companies’ revenue. See
the graph below for an illustration of apparel versus other sources of revenue for Nike
and Reebok.
Both Nike and adidas have looked to the golf market to expand their scope. Nike
developed golf clubs and a line of apparel for their sponsored golfer, Tiger Woods, to
capitalize on his success (Hoover.com). Adidas bought TaylorMade in 1998, which is
now the #2 golf club maker, and at the end of 2002 it acquired the Maxfi brand of golf
balls and accessories (Hoover.com). The move was meant to bolster the company's
golfing products portfolio.
There are also some unusual complements to foot wear. As mentioned earlier,
Adidas and Microsoft have agreed to help each other promote the other’s business.
Furthermore, Ecko recently released a game called “Mark Ecko’s Getting Up”, which
many retailers have bundled together with Ecko shoes.
Total U.S. Sales
1000
900
800
700
600
500
400
300
200
US Sales ($ millions)
100
0
2003 2004 2003 2004 2003 2004
Apparel Apparel Athletic Athletic Sports Sports
Footwear Footwear Equipment Equipment
Market
As seen in the graph above, as the sales of apparels go up, so do the sales of
athletic footwear. Furthermore, as the sales of sports equipment goes up, so do the sales
of athletic footwear. This is clear sign that sport apparel and sporting equipment are not
only complements to each other, but also to sneakers.
5.0 SUPPLIER POWER
The major firms in the market have experienced considerable pressure from the
public regarding the labor practices of their suppliers and manufacturers. Partially in
response to these image-damaging statements, the major firms have set up a system of
standards. Nike and Adidas both work only with approved manufacturers/suppliers that
meet the labor standards that they require. They have created this system so that the
quality of product, the factory working conditions, and the logistics of delivery can be
held to a higher standard. Those firms not meeting these conditions are penalized and
contracts are not renewed. Not only is this good PR for the firms, but also it normalizes
the quality of service that they will encounter when dealing with a supplier.
To reach the acceptable level, a supplier must make a commitment to their
employees and an investment in their facilities. This investment is a barrier to entry for
smaller manufacturing houses that desire Nike or Adidas’s business. Once a supplier has
become a Nike supplier they often become dependent on that contract. Nike sets their
prices and buys in enormous volumes.
5.3 Ease of Supplier Transfer
When dealing with commodity items like cotton, rubber, and foam, there is little
to stop large footwear companies from switching between suppliers. Any supplier that
meets the requirements of the firm will be able to supply such homogenous products. The
major firms in the market are able to switch suppliers quickly without worry of a
significant decrease in quality. They have the power over the suppliers. Therefore,
supplier power is extremely low in this industry.
6.0 BUYER POWER
The $14 billion athletic shoe value industry is large and growing as shown by the
above graph, and Nike aligned itself to take advantage of expanding its markets without
hurting the Nike brand image. The 2004 purchase of Starter for $43 million gave Nike a
premium brand in the value market. Signing a partnership with Wal-Mart, Nike
negotiated an agreement to design the Starter shoes yet released themselves from the
manufacturing process. After Nike creates the shoes, the designs must be approved by
Wal-Mart. Next, the design is taken to a manufacturing plant where the shoes are made
and sold to Wal-Mart. Nike does not receive direct revenue from the sale of Starter
athletic shoes, but is paid royalties and design fees by Wal-Mart. While this partnership
may not maximize potential revenue for the Nike, it gives the vendor a profit channel
without having to make the necessary capital expenditures to produce and ship the
product. The discount market has been trying to find a way to counter clearance sales at
specialty stores and this new method has opened the barrier between the two channels.
Nike is encouraged by estimates of strong revenue growth and plan to turn the
Starter/Wal-Mart marriage into a billion dollar business (Drbul 2006). This strategic
alliance created by the supplier and buyer will allow for economies of scale, becomes
Nike’s link to the value market, and is Wal-Mart’s opportunity to market a premium
value shoe. The value net created by this relationship will create value for the customer
and bottom line savings for the retailer and vendor. Much of the influence and transaction
costs are mitigated by Nike’s new relationship as shoe designer and logo licenser. Wal-
Mart can buy directly from the factory as they had been doing in the past in order to
avoid new costs.
Dick’s Sporting goods separates itself with an emphasis on athletic equipment,
which comprises 60% of their sales. The Sports Authority has made a name for itself by
being the only national sports department store. This strategic advantage allows the
company to establish its brand presence and increase buyer power for all sporting goods
because of their large volume. Hibbett is unique in that they have found that placing
small sporting stores located in areas that cannot handle large department stores can be a
profitable business model. Each company used a different strategy for attaining
profitability, and all are successful at maintaining their advantages in a competitive
market (Ohmes 2005). As the influence of these sporting goods stores increases
throughout the country, their buyer power will increase as athletic footwear sales
increase. The large amount of square footage of footwear sales space is an indicator that
these corporations will concentrate on footwear as a large portion of their business.
Footlocker and Finish Line dominate the mall specialty store segment of the
athletic footwear market. These stores are focused on the newest trends in footwear and
stock footwear with higher price points than other segments of the athletic footwear
industry. There are added risks to carrying such a narrow scope of styles and market
presence. Finish Line is expected to experience slow growth in the short term because of
its over-saturation of Nike products (60% of all products) and questionable adaptability to
the active lifestyle market (Genesco Rises 2006). Future growth for Finish Line will
come through nationwide mall expansion ushering in a greater brand presence and larger
sales volume.
Source: Banc of America Securities (Ohmes 2006)
Mall specialty stores, the buyer of many different brands of shoes, have incentives
to diversify their brand offerings to protect themselves from dramatic changes in market
development. Too much reliance on one or two brands of shoes will disable the ability of
the retailer to change with the trends. “In an attempt to better serve its urban markets
Finish Line has segmented its store base into five demographic groupings: urban,
suburban, mixed, metro/campus, and Hispanic” (Genereux 2006). Also, diversifying their
product line will decrease the power vendors have over the mall specialty market. A
company showcasing Nike as 40% of its footwear offerings will likely be subservient to
Nike’s preferences and intentions. If that store wanted to change its footwear options
from mostly Nike to mostly Puma or New Balance, it could lose its customer base.
Athletic footwear companies live and die by their perceived brand image in the
marketplace. Producers compete primarily on non-price elements, such as marketing and
types of products sold. Sneakers compete seasonally with many other types of footwear
such as sandals, work boots, and dress shoes. Nike and the now merged Adidas-Reebok
claim a huge percentage of market, followed by smaller competitors like Puma and Vans,
with well-established niche markets. Entry by small firms is difficult because the large
brands have strong consumer loyalty, plus economies of scale and scope. Success post-
entry is often met with buyout offers from larger companies that are both worried about
increased competition and hoping to lead the next big trend in sneakers. Shoe companies
are able to exert extensive power over their suppliers due to the homogeneous nature of
the three raw materials essential in the sneaker-making process: cotton, vulcanized
rubber, and foam. Buyer power in the industry has historically been low, but recent
consolidation has provided retailers more bargaining power in terms of price and
marketing.
In the future we expect the trend of buyouts and mergers to continue as the
producers continue to have incentives to consolidate. The industry is aging and looking to
expand its reach into apparel and higher technology outlets. Nike and Adidas are leading
the research and development of new technologies such as automatic comfort
adjustments and microprocessor inserts within the athletic shoes. Innovation in this
industry is essential to keep customers interested in the product. Lastly, the divide
between performance athletic shoes and lifestyle footwear will be a defining
characteristic of product marketing and alignment over the next several years.
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