Top 6 Companies Optimising Comfort and Dominating the Global Footwear Market

Nike Inc, Adidas America Inc, PUMA SE, Skechers USA Inc, Crocs Retail LLC, and Wolverine World Wide Inc, among others, are the major players in the global footwear market.

The global footwear market is expected to grow at a CAGR of about 4.9% in the forecast period of 2023-2028. As per the analysis by Expert Market Research, the market is expected to be driven by the expansion of the retail sector.

The market for footwear is being propelled by the growing interest in sports and fitness, the rising preference for enhanced comfort, style, and design, as well as the expansion of the retail sector in developing countries. The increasing fashion consciousness and the growing craze for sneakers are also positively influencing the market for footwear.

Several key players are launching special and limited edition footwear to meet the growing consumer demands for innovative products. For instance, in July 2022, Skechers collaborated with tokidoki to launch a new limited-edition footwear line featuring the latter’s playful iconography and design. Moreover, footwear is increasingly seen as a marker of self-expression and personality, due to which the demand for shoe brands by consumers is likely to grow in the forecast period.

The surging M&A activities by the leading companies to expand their product portfolio are expected to support the market growth of footwear in the forecast period, For instance, in February 2022, Crocs. Inc. acquired the casual footwear brand, HEYDUDE™. Through the acquisition, the company aimed to enhance its profitability in the global market while providing innovative marketing as well as a robust infrastructure for the growth of HEYDUDE. 

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Top 6 Footwear Companies in the World:

Nike Inc

Nike Inc is a company that specialises in sports equipment and develops, designs, and markets footwear, apparel, and accessories. It is one of the leading suppliers of athletic apparel and shoes in the world. With over 44,000 employees across the globe, the company sponsors various high-profile sports teams and athletes.

Adidas America, Inc.

Adidas Inc is a sports equipment and apparel company that designs products to provide maximum comfort and convenience to athletes. Its range of products include shoes, accessories, and apparel, with specialised footwear for activities such as running, basketball, football, gym, baseball, and golf. The company aims to offer the best sporting products while driving sustainability. 

PUMA SE

Puma SE is a major sports company that is primarily engaged in the manufacturing, sales, and distribution of apparel, shoes, and accessories. The company has a workforce of 14,000 employees in over 120 countries and constantly strengthens its position through partnerships with elite athletes. In 2021, the company generated sales of EUR 6.8 billion, net earnings of EUR 310 million, and a gross profit margin of 47.9%.

Skechers USA Inc

Skechers USA Inc is a lifestyle brand that aims to deliver comfortable, stylish, and innovative footwear, accessories, and apparel at value prices. Its products are available in over 180 countries and its international businesses represent more than half of its total sales. It distributes its products through nearly 4300 Skechers stores, third-party networks, and the Skechers e-commerce website.

Crocs Retail LLC

Crocs Retail LLC is a leading casual footwear company, based in the United States. It is involved in the design, development, manufacturing, marketing, and distribution of its casual footwear and accessories. The company’s products are sold in more than 85 countries, and it has sold more than 850 million shoes. With annual sales of USD 2.3 billion, the company is one of the leading non-athletic footwear brands. 

Wolverine World Wide Inc

Wolverine World Wide Inc is a global provider of branded footwear, accessories, and apparel. With a wide footprint across 200 territories and countries, some of the leading brands owned and licensed by the company include HyTest®, Harley-Davidson® Footwear, Keds®, Cat® Footwear, Merrell®, and Hush Puppies®, among others. In 2021, the company acquired Sweaty Betty.