Hong Kong-listed athletic apparel and footwear group Xtep has registered revenue growth of 10.9% year on year for the 12 months ended December 31.

The company, which purchased Wolverine Worldwide’s share in sports shoe brands Merrell and Saucony last year, reported revenues of just under $2 billion or ¥14.3 billion.

Chairman, Ding Shui Po, told how flagship brand Xtep’s 160X running shoe helped 83 athletes win 370 championships in 2023.

It also notably outperformed domestic and international competitors alike to “achieve the top position with the highest wear rates among all participants and sub-three-hour marathoners,” Mr Ding added.

“To capitalise on the booming running market, the core Xtep brand will continue to focus on expanding its business in the mass market segment by offering value-for-money professional products in mainland China."

The group reported a 20% year-on-year increase in retail sell-through across channels back in January.

An Xtep brand store in Kunming, Yunnan province. Credit: Xtep.