In this article, we will be covering the 15 largest shoe companies in the world. If you want to skip our detailed analysis of the global footwear market, you can go directly to 5 Largest Shoe Companies in the World.
The Global Footwear Market: Key Trends and Analysis
The global footwear market is a dynamic industry, driven by factors like changing fashion trends and consumer preferences for comfort and functionality. It caters to a wide range of needs, offering athletic footwear, casual shoes, and a variety of other options for all kinds of occasions. According to a report by Grand View Research, the global footwear market was estimated to have reached a value of $387.74 billion in 2022. The footwear market is expected to grow at a compound annual growth rate (CAGR) of 4.3% from 2023 to 2030 to reach a value of $543.9 billion by the end of the forecast period. In 2022, the Asia-Pacific region dominated the market.
There is a growing interest in health and fitness among consumers, which is driving demand for comfortable and stylish athletic shoes suitable for various activities. The growing trend of online shopping is further driving market growth, with projections of increased sales due to rising consumer spending and the surge in internet penetration worldwide. E-commerce platforms and channels support the sale and distribution of various footwear products. Moreover, there is a growing demand for eco-friendly footwear, leading to the rise of sustainable materials and brands that prioritize environmental responsibility. Shoe companies are innovating to meet consumer demands for environmentally friendly footwear options.
Major Companies in the Global Footwear Market
Some of the most prominent names operating in the global footwear market include Skechers U.S.A. Inc. (NYSE:SKX), NIKE Inc. (NYSE:NKE), and Deckers Outdoor Corporation (NYSE:DECK).
Deckers Outdoor Corporation (NYSE:DECK), also known as Deckers Brands, is an American company that specializes in designing, marketing, and distributing innovative footwear, apparel, and accessories. The company owns various brands including UGG, HOKA, Teva, Sanuk, and Koolaburra. On February 1, Deckers Outdoor Corporation (NYSE:DECK) reported strong earnings for the fiscal third quarter of 2024. The company reported earnings per share (EPS) of $15.11, surpassing EPS estimates by $3.57. The company’s revenue for the quarter grew by 15.95% year-over-year and amounted to $1.56 billion, ahead of market consensus by $105.59 million. Here are some comments from Deckers Outdoor Corporation’s (NYSE:DECK) Q3 2024 earnings call:
“The HOKA transport has become the brand’s go-to casual shoe, now sitting within the brand’s top 10 best sellers. The HOKA brand’s captivating collaborations are also furthering its resonance with the lifestyle consumer. They are designed to reach a new audience by partnering with logical yet unexpected brands. Most recently, HOKA partnered with Satisfy Running, a French running apparel brand, to co-create an exciting new take on the Clifton LS, which sold out almost instantly. Highlighting the partnerships theme of highs and lows, Satisfy created a one-of-a-kind community experience that brought together the skateboard, trail, and running communities to join in a sprint down the steep hills of San Francisco. As we continue building HOKA for the long-term, our focus is to remain a top brand in road running, expanding with innovative performance footwear, become a dominant off-road player with disruptive trail and hike products, and bring the HOKA experience to the lifestyle consumer while keeping the brand rooted in performance.”
Shoe companies are focusing on creating innovative and technologically advanced footwear to meet evolving consumer needs. This includes incorporating sustainable materials, enhancing comfort, and improving performance features to attract customers. NIKE Inc. (NYSE:NKE) is one of the world’s largest suppliers of athletic shoes. On March 13, NIKE Inc. (NYSE:NKE) reported that the Nike Air Max Dn marks a significant advancement in the footwear cushioning revolution that the company started over 30 years ago. The Nike Air Max Dn features a revolutionary “Dynamic Air” system, which utilizes a dual-chamber, four-tubed air unit designed to provide unparalleled comfort, a smooth stride, and an increased bounce. The rear two tubes are pressurized to 15 psi, while the front two tubes operate at a lower 5 psi, allowing air to freely flow between the chambers. This setup is engineered to deliver a smooth feel with every step.
Some of the top shoe brands in the world are also establishing strategic partnerships with other brands, artists, and organizations to expand their reach, access new markets, and create unique offerings. Skechers U.S.A. Inc. (NYSE:SKX) is an American multinational company that designs, develops, and markets a diverse range of lifestyle and performance footwear, apparel, and accessories. On February 22, Skechers U.S.A. Inc. (NYSE:SKX) announced that it is collaborating with Vexx, an artist renowned for his distinctive “doodles”. The new Skechers x Vexx Visual Artist Series introduces the artist’s iconic doodles and his detailed, vibrant characters to a collection of footwear, clothing, and accessories for both men and women.
Now that we have discussed what’s going on in the global footwear industry, let’s shift our focus to the 15 largest shoe companies in the world.
Photo by Kelvin Han on Unsplash
Methodology
In this article, we have listed the 15 largest shoe companies in the world. To find the biggest footwear companies in the world, we sifted through various sources including industry reports, rankings available on various websites, and our own rankings, and consulted stock screeners from Yahoo Finance and Finviz. We compiled a list of the top shoe companies in the world. For companies that are publicly traded, we decided to rank them according to their market capitalization as of March 28, 2024. We used fiscal year revenues for private companies. For foreign companies, we converted the market caps and revenues to US dollars according to their respective exchange rates. Finally, we narrowed down our selection to rank the 15 largest shoe companies in the world based on their market capitalization and revenues, which are listed below in ascending order.
15 Largest Shoe Companies in the World
15. Steven Madden Ltd. (NASDAQ:SHOO)
Market Capitalization: $3.12 Billion
Steven Madden Ltd. (NASDAQ:SHOO) is an American company that designs and markets fashion-forward footwear, accessories, and apparel. The company owns a number of brands including Steve Madden, Dolce Vita, Betsey Johnson, Blondo, and GREATS. As one of the 15 largest shoe companies in the world, Steven Madden Ltd. (NASDAQ:SHOO) has a market capitalization of $3.12 billion as of March 28, 2024.
14. Under Armour Inc. (NYSE:UA)
Market Capitalization: $3.17 Billion
Under Armour Inc. (NYSE:UA) is an American sportswear and sporting goods company. As one of the world’s largest manufacturers of footwear and apparel, the company has a presence in more than 100 countries. Under Armour Inc. (NYSE:UA) has a market capitalization of $3.17 billion as of March 28, 2024.
13. ABC-Mart Inc. (TYO:2670)
Market Capitalization: $4.71 Billion
ABC-Mart Inc. (TYO:2670) is a Japanese footwear and apparel company. The company also owns LaCrosse Footwear in the US. It has stores in Japan, South Korea, Vietnam, Taiwan, and the US. As of March 28, 2024, ABC-Mart Inc. (TYO:2670) has a market capitalization of $4.71 billion.
12. V.F. Corporation (NYSE:VFC)
Market Capitalization: $5.96 Billion
V.F. Corporation (NYSE:VFC) is an American global apparel and footwear company that ranks 12th on our list of the largest shoe companies in the world. It owns a number of brands, including Vans and Timberland. The company has a market capitalization of $5.96 billion as of March 28, 2024. As one of the world’s largest apparel, footwear, and accessories companies, V.F. Corporation (NYSE:VFC) has more than 1,200 retail stores in 100 countries.
11. New Balance Athletics Inc.
Revenue: $6.5 Billion
New Balance Athletics Inc., or simply New Balance, is one of the world’s biggest sports footwear and apparel manufacturers. The company is best known for its sneakers, shoes, and a wide range of fitness clothing. On February 22, Footwear News reported that New Balance Athletics Inc. generated a revenue of $6.5 billion in 2023, citing an emailed statement from the company and comments from the company’s chief executive officer and president Joe Preston.
10. PUMA SE (ETR:PUM)
Market Capitalization: $6.82 Billion
PUMA SE (ETR:PUM) is a German multinational company that ranks among the top 10 on our list of the largest shoe companies in the world. It designs and manufactures athletic and casual footwear, apparel, and accessories. As one of the top shoe brands in the world, PUMA SE (ETR:PUM) has a market capitalization of $6.82 billion as of March 28, 2024.
9. Li Ning Company Limited (HKG:2331)
Market Capitalization: $6.88 Billion
Li Ning Company Limited (HKG:2331) is a Chinese sportswear and sports equipment company. As one of the leading sports brands in China, the company develops, designs, manufactures, and distributes footwear, apparel, equipment, and accessories primarily under the LI-NING brand. As of March 28, 2024, Li Ning Company Limited (HKG:2331) has a market capitalization of $6.88 billion.
8. ASICS Corporation (TYO:7936)
Market Capitalization: $8.6 Billion
ASICS Corporation (TYO:7936) is a Japanese multinational sporting goods corporation. While it is best known for its sneakers, the company also produces other footwear such as sandals, as well as apparel and accessories. As one of the largest shoe companies in the world, ASICS Corporation (TYO:7936) has a market capitalization of $8.6 billion as of March 28, 2024.
7. Crocs Inc. (NASDAQ:CROX)
Market Capitalization: $8.7 Billion
Crocs Inc. (NASDAQ:CROX) is an American footwear company that is best known for its Crocs brand of foam footwear. The company also owns the HEYDUDE casual footwear brand. Crocs Inc. (NASDAQ:CROX) casual footwear products are sold in more than 85 countries around the world. The company has a market capitalization of $8.7 billion as of March 28, 2024.
6. Birkenstock Holding plc (NYSE:BIRK)
Market Capitalization: $8.87 Billion
Birkenstock Holding plc (NYSE:BIRK) is a German shoe manufacturing company. It is best known for its footbed-based sandals and other shoes that conform to the shape of their wearers’ feet. As of March 28, 2024, Birkenstock Holding plc (NYSE:BIRK) has a market capitalization of $8.87 billion. It ranks 6th on our list of the 15 largest shoe companies in the world.
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Disclosure: None. 15 Largest Shoe Companies in the World is published on Insider Monkey.