Amphenol’s dual engines drive growth: Arc’teryx’s “noise reduction” ensures steady increase, Salomon crosses the $2 billion threshold

Under the dual stress test of public opinion turbulence and global consumption fluctuations, Amer Sports still delivered an outstanding result.

Data released on February 24th Eastern Time indicates that Amer Sports' fourth quarter revenue increased 28% year-on-year to $2.1 billion, and annual revenue grew 27% to $6.566 billion.

The market previously worried that external public opinion volatility and weak spending power might impact the high-end outdoor market, but in actual performance, disturbances like the "Himalayan Fireworks Show" did not substantially shake Arc'teryx’s growth foundation.

Its core outdoor functional apparel segment saw fourth quarter revenue jump 34% to $1 billion.

This may once again prove that the brand’s core customer group is no longer limited to professional outdoor enthusiasts, but extends to a broader middle-class consumer base.

In the fourth quarter, Arc'teryx's women’s category grew over 40% year-on-year, becoming the fastest-growing segment; meanwhile, the footwear business, driven by blockbuster products like the Norvan LD 4 trail running shoes and Kopec hiking shoes, achieved nearly 40% growth.

In 2025, Arc'teryx will increase its store count by 24 worldwide, and in 2026 plans to add another 25 to 30 stores in the North American and Chinese markets, maintaining a stable expansion rate.

While Arc'teryx firmly holds its position as the "pillar," another core brand under Amer Sports, Salomon, is reaching a milestone.

In 2025, Salomon’s annual sales exceeded the $2 billion mark for the first time. In the fourth quarter, Salomon's "Mountain Outdoor Apparel and Equipment" segment revenue grew 29% year-on-year to $764 million.

Amer Sports is attempting to replicate the proven DTC model from Arc'teryx onto Salomon.

In the Greater China region, the highly efficient "compact shop" model helped Salomon grow by 33 stores net in the fourth quarter, with a net increase of nearly 100 stores throughout the year.

Large-scale store openings, product line investment, and brand building led to the "Mountain Outdoor Apparel and Equipment" segment's fourth quarter adjusted operating profit margin dropping by 490 basis points to 6.2%, but management categorized this as "proactive strategic investment."

Salomon is extending its reach from professional trail running to mass fashion and professional running tracks.

By densely laying out stores in global core cities (Epicenters) like Williamsburg in New York, London, and Milan, Salomon is capturing young consumers who pursue outdoor trends.

In 2026, Salomon plans to open 7 to 10 new stores in key markets like the United States, further strengthening its presence in mainstream global consumer consciousness.

Wilson is also undergoing a similar transformation.

In 2025, Wilson’s footwear and apparel business doubled year-on-year, and its revenue share has increased to 15%. Amer Sports’ expectations for Wilson go beyond ball sporting equipment and aim for a leap into high-premium soft consumer goods.

To support this transformation, Carrie Ask, an executive with Nike and Levi’s background, will assume the role of Wilson's President and CEO from March 1st, and her extensive apparel and footwear operating experience is highly anticipated.

This is complemented by a "refinement" adjustment to Amer Sports’ overall management team.

The appointments of Arc'teryx's first Chief Brand Officer Avery Baker and Salomon's first Creative Director Heikki Salonen both signal the company's intent to strengthen brand creative guidance and global coordination.

Geographically, the Greater China and Asia-Pacific regions remain Amer Sports’ core growth engines. In the fourth quarter, Greater China revenue grew by 41.8%, while Asia-Pacific growth reached 53.1%.

At the earnings meeting, Amer Sports Global CEO Zheng Jie emphasized the “platform effect” of Greater China, saying this differentiated platform advantage enables multiple brands under Amer Sports to deliver outperformance.

Some analysts believe that at the current stage, thanks to Greater China’s unique channel premium and DTC-mode-built profit pool, high-end brands like Arc'teryx and Salomon can effectively offset short-term marketing investment increases.

Looking ahead to 2026, Amer Sports projects revenue growth guidance of 16%–18%, with gross margin expected to rise from the current 57.7% to about 59%. First quarter revenue is expected to grow by 22% to 24%.

Salomon, with an “investment-for-growth” focus, is projected to have the Mountain Outdoor segment’s operating profit margin at 14.5%–14.8%, lower than the 22% for the Outdoor Functional Apparel segment.

However, leveraging Arc'teryx’s strong cash flow to support other brand expansion is the core logic of Amer Sports’ group operation.

Whether Amer Sports can create more “Arc'teryx” brands in the high-end outdoor sector remains worthy of long-term attention.

Risk Warning and DisclaimerThe market has risks; investments need caution. This article does not constitute personal investment advice and has not considered the unique investment goals, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article fit their own circumstances. Investments made accordingly are at your own risk.