A domestic manufacturer has overtaken global giant Nike in the race to become China's top sneaker brand.
Jinjiang, Fujian-based Anta Sports Products Ltd. reportedly sold more than 40 million pairs of sneakers in 2015, beating U.S. sportswear manufacturer Nike in the domestic market. The figure translates to 10 billion yuan ($1.54 billion) for the Chinese company, China Daily reported. This represents a 24.7-percent increase from the previous year's sales.
Anta's sales also surpassed the combined revenues of several other domestic shoe manufacturers.
According to Anta executive director Zheng Jie, their current success can be attributed to their position as an affordable shoe brand. The company sells its shoes at 399 to 499 yuan (about $62 to $77), which is around half the price at which major brands like Nike and Adidas sell their own sneakers.
In light of their current success, Anta is reportedly targeting to reach sales of 100 billion yuan ($15.4 billion) by 2025. This will fully put them in league with the two major international brands, which are the only shoe brands that have managed to make this feat in the country, China Topix reported.
Anta is also eyeing to get more global exposure, with it being selected as one of the major sponsors for the Chinese team at the upcoming Rio De Janeiro Olympics in August. The brand will be providing uniforms and equipment for 10 teams, namely boxing, judo, gymnastics, taekwondo, weightlifting, wrestling, canoeing, rowing, water polo and trampoline.
Anta is also being endorsed by several major NBA stars like the Golden State Warriors' Klay Thompson.