Amer Sports Is More Than Arc'teryx: Salomon Expands Footwear and Apparel, Wilson Suddenly Accelerates

Amer Sports is further reducing its growth dependence on a single brand.

On August 18, Amer Sports released its financial results for the second quarter of 2026. During the reporting period, the company's revenue reached $1.633 billion, a year-on-year increase of 32%; adjusted operating profit was $208 million, a year-on-year increase of 209%, with the adjusted operating margin rising from 5.5% in the same period last year to 12.8%.

Compared to the overall revenue continuing to grow by more than 30%, the more noteworthy changes this quarter come from the growth structure.

Revenue from the Technical Apparel segment, where Arc'teryx resides, grew by 32%, maintaining the growth rate of over 30% seen in the past several quarters; the Outdoor Performance segment, where Salomon resides, grew by 37%; and the Ball & Racquet Sports segment, where Wilson resides and which had previously grown relatively slowly, accelerated from 13% in the previous quarter to 24%.

The acceleration of the latter two was accompanied by category expansion and continued increased channel investment in Greater China and the Asia-Pacific markets.

Salomon is expanding its footwear and apparel business further, evolving from a professional outdoor brand known for skiing equipment.

By 2026, the company expects footwear and apparel to account for 75% of revenue in the Outdoor Performance segment, an increase of more than 20 percentage points from 54% in 2022.

Wilson is attempting to extend the brand equity accumulated in professional tennis equipment to broader consumer categories such as apparel and footwear.

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

In this earnings report, management listed Arc'teryx, Salomon's footwear and apparel business, and Wilson's Tennis 360 business as the group's current "three biggest growth opportunities," stating that it would continue to invest in these growth engines that are still in their early stages.

In coordination with category expansion, Amer's channel strategy is also becoming clearer.

In recent years, the group has continuously strengthened brand experience and control through direct-to-consumer (DTC) stores; now, in relatively mature markets such as the United States, top-tier professional retail channels are beginning to play a larger role in expanding consumer reach and scaling up.

Wilson's Tennis 360 has already entered 450 DICK'S Sporting Goods stores; Arc'teryx will also enter 15 selected DICK'S House of Sport stores for the first time this autumn.

Salomon, while continuing to increase its direct-operated stores, has entered large sports retail channels such as Foot Locker and JD Sports. In the second quarter, its DTC revenue grew by 52%, and wholesale revenue also grew by 25%.

Judging from the channel actions this quarter, Amer Sports is increasingly leveraging external channels to expand scale: direct operations continue to serve the function of brand building, while selected top-tier retailers help brands and categories expand consumer reach.

This strategy has been accompanied by an acceleration in growth in the US market. In the second quarter, Amer Sports' revenue growth in the Americas rose from 18% in the previous three consecutive quarters to 26%.

In contrast, Greater China remains an important source of growth for Amer Sports, but the previously high growth rate is slowing down.

In the second quarter, the group's revenue in Greater China increased by 35.5% year-on-year, but the growth rate has declined from 47% in the third quarter of 2025, 42% in the fourth quarter, and 45% in the first quarter of this year.

The regional performance of the Technical Apparel segment, where Arc'teryx resides, also showed similar changes: in the second quarter, growth in this segment was led by the Asia-Pacific market, followed by the accelerating EMEA and Americas regions, with Greater China ranking last in growth rate.

As growth sources become more balanced, the category and channel investments of the past few years are beginning to reflect in profits.

In the second quarter, the company's adjusted operating margin rose from 5.5% to 12.8%; excluding the impact of tariff refunds, it still increased by more than 300 basis points year-on-year.

In addition to the increased proportion of Salomon's footwear and apparel and the improvement in Wilson's product mix, the higher revenue scale has also diluted some expenses.

Revenue growth and margin improvement have driven Amer Sports to raise its full-year guidance again.

The company expects revenue growth of approximately 24% in 2026, an adjusted operating margin of 14.2% to 14.5%, and adjusted earnings per share of $1.27 to $1.30.

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

Arc'teryx's own comparable sales growth did not continue to accelerate, dropping from 27% in the third quarter of 2025 to 16% in the fourth quarter, rebounding to 19% in the first quarter of this year, and falling back to 17% in the second quarter.

But looking at Amer Sports Group as a whole, the growth story that previously relied more on Arc'teryx is shifting towards being driven by multiple brands.