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  "documentTitle": "The State of Fashion 2025",
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  "notes": "The chart highlights the crossover point where challengers overtake incumbents in economic profit share.",
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      "text": "In 2024, challenger sportswear players — such as Deckers (owner of Hoka) and Asics — are expected to create over 50 percent of the segment's value, surpassing incumbent sportswear brands known as the \"Big Four\".",
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      "text": "In 2024, challenger sportswear players — such as Deckers (owner of Hoka) and Asics — are expected to create over 50 percent of the segment's value, surpassing incumbent sportswear brands known as the \"Big Four\" (Nike, Adidas, Puma and Under Armour) in economic profit for the first time, according to the McKinsey Global Fashion Index.",
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      "text": "a. Economic profit (EP) is a measure defined as currency-adjusted Net Operating Profit Less Adjusted Taxes (NOPLAT) minus capital charge (WACC, multiplied by invested capital), reflecting the economic value created from operating activities and investments. b. Challengers, which include Deckers, Amer Sports, Wolverine, Fila, Lululemon, Skechers, Li Ning, On, Columbia Sportswear, Asics and Anta Sports, reached over 25 percent of market share in 2018. Amer Sports and On included from 2020, based on data being publicly available, having listed in 2024 and 2021 respectively vs rest of data set. c. Incumbents are classified as brands that generated over $5 billion in revenue in 2018, including Nike, Adidas, Puma and Under Armour. These brands, known as the \"Big Four,\" had reached peak year-on-year growth before 2018, maintaining a strong presence across multiple categories at the time. Source: McKinsey Global Fashion Index",
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