Strength in Performance Running Improves Long-Term Outlook, Raising FVE to JPY 4,000 From JPY 3,600

Unlike many other sportswear brands that diversify across multiple categories, Asics concentrates heavily on performance running, generating approximately 50% of its revenue from this segment. This specialization has enabled Asics to establish a strong brand image among runners, facilitating its growth from a local Japanese brand to a global leader in the running shoe industry. This success is highlighted by Asics' command of more than 10% of the global performance running market, a notable achievement given its roughly 4% share of the broader global sport footwear market.