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Asics Corp. is accelerating its global expansion by taking greater control of marathon infrastructure, a strategy executives say will deepen engagement with runners and convert that access into faster growth in running-shoe sales.
The 77-year-old Japanese sportswear maker has been acquiring race-registration platforms in markets including Thailand, Spain, France and Australia. These platforms are being linked with Asics’ membership program to create an ecosystem: Runners can register for races, use the company’s tracking app, and receive personalised training plans and footwear recommendations months before race day.
Asics views the Sydney Marathon as a successful model, which it would like to roll out as a “best practice,” Chief Operating Officer Mitsuyuki Tominaga said. “Not only do we want to sponsor major marathon events, we want to engage with them directly.”
Such early access offers a structural advantage as the industry shifts toward direct-to-consumer models. Few global rivals have bought race-registration platforms at scale and rely instead on high-profile athlete ambassadors — giving Asics a relatively uncontested channel to reach runners.
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Asics’ Operating Profit Jumped More Than Sixfold Since 2021
It’s another creative bet for chief executive officer Yasuhito Hirota, under whom Asics has pulled off one of corporate Japan’s most notable turnarounds. The company’s operating profit has climbed sixfold in four years to 142 billion yen ($903 million), reversing a 4 billion yen loss in 2020, while its valuation has surged to about 3.4 trillion yen.
Asics says the new strategy is already paying off: sales at its booth during the Sydney Marathon in August rose fourfold from the previous year, while e-commerce sales increased 8.3 percent to 148.4 billion yen.
The strategy was on display at the Tokyo Marathon this month. Revenue at the race expo rose by double digits compared with the previous year, according to the company. Monique Johnson, visiting from Houston for her first Tokyo Marathon, said she typically wears other brands but purchased about $400 worth of Asics merchandise after trying its newest model.
Performance running shoes remain the company’s core business, accounting for about 45 percent of revenue. Asics — which also sells tennis shoes and lifestyle footwear, including the Onitsuka Tiger brand — expects operating profit to rise 20 percent to 171 billion yen this year, with revenue projected to increase 17 percent to 950 billion yen.
While running is rising in popularity, competition for the $46.5 billion market is intensifying. Nike Inc., Adidas AG, Skechers USA Inc. and New Balance Athletics Inc. dominate roughly half of the global running-shoe market, while challengers like Hoka-owner Deckers Outdoor Corp. are steadily gaining ground as they accelerate innovation and improve functionality of their shoes.
Asics’ ecosystem-focused strategy is “a smart move” for a company without the same marketing resources of industry giants that rely heavily on costly athlete endorsements, said Ivan Su, an analyst at Morningstar Inc. Nike, for example, has spent billions signing stars such as LeBron James.
Asics generates more than a half of its performance-running-shoe sales in the US and Europe, with about 15 percent coming from Greater China. It sees India and Southeast Asia as future growth engines.
Asics is also betting on premiumisation, focusing on shoes priced above $90 as consumers seek advanced cushioning and performance features.
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By Yui Hasebe, Kanoko Matsuyama
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