Amer Sports is not just Arc'teryx: Salomon expands footwear and apparel, Wilson suddenly accelerates

Amer Sports is further moving away from relying on a single brand for its growth.

On August 18, Amer Sports released its Q2 2026 results. During the reporting period, the company recorded revenue of $1.633 billion, a year-on-year increase of 32%; adjusted operating profit was $208 million, a year-on-year increase of 209%, and the adjusted operating margin rose from 5.5% in the same period last year to 12.8%.

Compared to the sustained 30%+ growth in overall revenue, what’s more noteworthy this quarter is the change in the structure of growth.

The technical apparel segment, which includes Arc’teryx, saw revenue grow by 32%, maintaining the 30%+ growth rate of the past few quarters; the outdoor performance segment, home to Salomon, grew by 37%; the ball and racquet segment, where Wilson is positioned and previously grew relatively slower, accelerated from 13% last quarter to 24%.

The acceleration of these two business lines is also accompanied by category expansion and continued channel investments in Greater China and the Asia-Pacific market.

Salomon is evolving beyond its roots in specialized skiing equipment to further expand into the footwear and apparel business.

By 2026, the company expects footwear and apparel to account for 75% of revenue in the outdoor performance business, up more than 20 percentage points from 54% in 2022.

Wilson, on the other hand, is exploring extending the brand equity built in professional tennis equipment to apparel, footwear, and broader consumer categories.

In the second quarter, Salomon and Wilson respectively added 13 and 12 brand stores, with new stores mainly concentrated in Greater China and the Asia-Pacific region.

In this earnings report, the management listed Arc’teryx, Salomon’s footwear and apparel business, and Wilson’s Tennis 360 business as the “three biggest growth opportunities” for the group, and stated they will continue to invest in these growth engines, which are still at an early stage.

Alongside category expansion, Amer Sports’ channel strategy is also becoming clearer.

Over the past few years, the group has enhanced brand experience and control through directly-operated stores; now, in more mature markets like the U.S., top specialist retail channels are increasingly being used to expand consumer reach and drive scale.

Wilson’s Tennis 360 is now available in 450 DICK'S stores; this autumn, Arc’teryx will also debut in 15 selected DICK'S House of Sport stores for the first time.

While Salomon continues to increase its directly-operated stores, it is also entering major sports retail channels such as Foot Locker and JD Sports. In Q2, its DTC revenue grew by 52%, while wholesale revenue increased by 25%.

Based on the channel initiatives this quarter, Amer Sports is leveraging external channels to expand its scale: directly-operated stores continue to play a role in brand building, while select leading retailers help brands and categories broaden consumer reach.

This strategy is also accompanied by accelerated growth in the U.S. market. In Q2, Amer Sports’ revenue in the Americas accelerated from 18% for three consecutive quarters to 26%.

In contrast, Greater China remains an important growth source for Amer Sports, but previous high growth rates are beginning to moderate.

In Q2, the group's revenue in Greater China increased by 35.5% year-on-year, but the growth rate has declined from 47% in Q3 2025, 42% in Q4, and 45% in Q1 this year.

The regional performance of the technical apparel business where Arc’teryx is positioned shows a similar trend: in Q2, the segment was led in growth by Asia-Pacific, followed by an accelerating EMEA and the Americas, with Greater China ranking last in growth rate.

As growth sources become more balanced, category and channel investments in recent years are beginning to be reflected in margins.

In Q2, the company’s adjusted operating margin rose from 5.5% to 12.8%; even excluding the impact of tariff refunds, there was still an improvement of more than 300 basis points year-on-year.

In addition to a higher proportion of Salomon footwear and apparel and improved product structure for Wilson, greater revenue scale also helped dilute certain costs.

The combination of revenue growth and margin improvement has prompted Amer Sports to once again raise its full-year outlook.

The company expects revenue to grow by about 24% in 2026, with an adjusted operating margin of 14.2% to 14.5%, and adjusted EPS between $1.27 and $1.30.

However, the company’s revenue growth guidance for Q3 is only 18% to 20%, significantly lower than the actual 32% in Q2; the adjusted operating margin is expected to be 13.5% to 14.0%.

Comparable sales growth for Arc’teryx itself has not continued to accelerate, dropping from 27% in Q3 2025 to 16% in Q4, picking up to 19% in Q1 this year, and then falling back to 17% in Q2.

However, from the perspective of the Amer Sports group as a whole, the growth story that once relied primarily on Arc’teryx is now shifting towards a multi-brand growth engine driven by several brands.