According to the most recent Sportswear Insights research by Launchmetrics, the major driver behind the evolution of the global sportswear business is the growing trend of collaborations between luxury and streetwear brands. Such alliances present enormous potential for companies, as evidenced by the notable Gucci x Adidas deal, which earned $96.5 million in media impact value (MIV) in 2022.
According to the report, these partnerships maximize return on investment, raise brand awareness, and reach out to new audience segments.
Sportswear companies are taking on a more inclusive and varied approach as a result of this reconfiguration, promoting the accomplishments of women in historically male-dominated sports as well as various groups, especially Black, Indigenous, and People of Color (BIPOC) women. Customers who value inclusivity respond favorably to these initiatives, fostering brand loyalty in the process.
Celebrities still have a big impact on the sportswear business as voices, but partnerships with other voice kinds, such as owned and partner voices, are gaining popularity. Particularly micro-influencers are seeing a considerable increase in their influence.
On a different front, sportswear firms are beginning to place a high priority on sustainability. Important campaigns, including Adidas’ “End Plastic Waste” and Nike’s “Run for the Oceans,” have attracted a lot of interest and participation.
However, there is still an opportunity for improvement in this area as sustainability-related MIV now makes up just 1% of the entire sportswear-related MIV.
