Yamafin's dual-engine momentum: Archaeopteryx's "noise reduction" steadily increases, Salomon crosses the $2 billion threshold

Under the dual pressures of public opinion fluctuations and global consumer volatility, Amer Sports still delivered an excellent performance.

Data released on February 24th, Eastern Time, shows that in the fourth quarter, Amer Sports’ revenue increased by 28% year-over-year to $2.1 billion, and full-year revenue grew by 27% to $6.566 billion.

Previously, the market was concerned that external public opinion swings and weakening consumer spending might impact the high-end outdoor market. However, from actual performance, incidents like the “Himalaya Fireworks Show” did not substantially shake the growth foundation of Arc’teryx.

Centered around this brand, the outdoor functional apparel segment saw a 34% revenue increase in the fourth quarter to $1 billion.

This perhaps further confirms that the brand’s core customer base is no longer limited to professional outdoor enthusiasts but extends to a broader middle-class consumer group.

In the fourth quarter, Arc’teryx’s women’s category grew over 40% year-over-year, becoming the fastest-growing segment; at the same time, footwear sales also nearly reached 40% growth, driven by popular models like the Norvan LD 4 trail running shoes and Kopec hiking shoes.

By 2025, Arc’teryx plans to add 24 new stores globally, and in 2026, it aims to continue expanding with 25 to 30 new stores in North America and China, maintaining a steady expansion pace.

While Arc’teryx remains the “cornerstone,” another core brand under Amer Sports, Salomon, has reached a milestone.

In 2025, Salomon’s annual sales revenue surpassed $2 billion for the first time. In the fourth quarter, the “mountain outdoor apparel and gear” segment, where Salomon is based, saw a 29% year-over-year increase to $764 million.

Amer Sports is attempting to replicate the successful DTC (Direct-to-Consumer) model validated with Arc’teryx onto Salomon.

In Greater China, the highly efficient “standard store (compact shop)” model helped Salomon net 33 new stores in the fourth quarter, with nearly 100 stores added throughout the year.

Large-scale store openings, product line investments, and brand building caused the “mountain outdoor apparel and gear” segment’s adjusted operating profit margin to decline by 490 basis points to 6.2% in the fourth quarter. However, management characterized this as “proactive strategic investment.”

Salomon is extending its reach from professional trail running into mainstream fashion and professional running circuits.

Through dense deployment in key global cities like Williamsburg (New York), London, and Milan, Salomon is capturing young consumers who pursue outdoor fashion trends.

By 2026, Salomon plans to open an additional 7 to 10 stores in key markets like the U.S., further strengthening its presence in mainstream global markets.

Vasque is also undergoing a similar transformation.

In 2025, Vasque’s footwear and apparel business doubled year-over-year, with revenue now accounting for 15%. Amer Sports’ expectations for Vasque go beyond sports equipment, aiming to cross into high-margin soft goods.

To support this transformation, Carrie Ask, an executive with a background at Nike and Levi’s, will assume the roles of President and CEO of Vasque starting March 1. Her extensive experience in footwear and apparel operations is highly anticipated.

Alongside this, Amer Sports is also implementing a “refinement” in its overall management team.

The appointment of Avery Baker, the first Chief Brand Officer of Arc’teryx, and Heikki Salonen, the first Creative Director of Salomon, signals the company’s focus on strengthening brand creativity and global coordination.

Regionally, Greater China and Asia-Pacific remain Amer Sports’ most critical growth engines. In the fourth quarter, revenue in Greater China grew by 41.8%, and the Asia-Pacific region’s growth rate reached 53.1%.

Amer Sports CEO Jussi Salonen emphasized the “platform effect” of Greater China during the earnings call. This differentiated platform advantage allows multiple brands under the group to outperform expectations in this region.

Some analysts believe that, at this stage, leveraging the unique channel premiums and profit pools built through the DTC model in Greater China, high-end brands like Arc’teryx and Salomon may effectively hedge against short-term increases in marketing investments.

Looking ahead to 2026, Amer Sports has provided a revenue growth guidance of 16%–18%, with gross profit margins expected to rise from the current 57.7% to around 59%. First-quarter revenue is projected to grow by 22%–24%.

Centered on “investment for growth,” Salomon’s mountain outdoor segment is expected to have an operating profit margin of 14.5%–14.8%, lower than the 22% margin of the outdoor functional apparel segment.

However, leveraging Arc’teryx’s strong cash flow to support the expansion of other brands remains the core logic of Amer Sports’ group operations.

In the high-end outdoor segment, whether Amer Sports can create several “Arc’teryx-like” brands remains a long-term point of interest.

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