nths, revenue crossed 600 yen billion for the first time, and operating profit jumped more than 39 per cent.  Asics responded by raising its full-year earnings forecast, signalling confidence heading into the final quarter. Anchored by lifestyle growth For the three months ending September 30, Asics’ operating profit jumped 38.5 per cent to 46.2 billion yen ($298.9 million). The company’s own figures, which include slightly different calculations by subtracting six-month totals from nine-month results, show similar momentum: quarterly sales rising 21.3 per cent and operating earnings increasing nearly 43 per cent. SportStyle and Onitsuka Tiger posted nearly 50 per cent year-on-year growth in the nine months. SportStyle’s net sales rose 45.2 per cent to 109 billion yen, while Onitsuka Tiger sales climbed 45.7 per cent to 99.8 billion yen. Profit margins reached 30.6 per cent and 39.4 per cent respectively. The performance builds on rising global interest in Japanese fashion, nostalgia-driven sneaker trends, and a broad consumer shift toward “elevated casual” footwear. Asics has been particularly successful in capturing this with heritage silhouettes like the GEL-1130 and the GEL-NYC, both generating triple-digit growth in North America during the third quarter. The brand’s classic Gel-Nimbus also saw a nearly 30 per cent lift.  Onitsuka Tiger, meanwhile, has benefitted from a wave of inbound tourism and TikTok-driven hype around Japanese aesthetics. The brand reported nearly 66 billion yen in net sales in the first half of this year, up 50 per cent year over year.  Running still matters Even as lifestyle categories surge, Asics’ core performance running still accounts for the largest share of revenue and remains a strategic pillar. The category posted 10.1 per cent sales growth in the first nine months to 284.3 billion yen, supported by ongoing product innovation and strong results in Japan and Europe. Category profit rose 18.1 per cent, driven by improved margins and sustained demand for premium models. In North America, performance running continues to shine in specialty retail. The Run Specialty channel grew more than 20 per cent in the quarter, with strong sell-through for the Megablast, Sonicblast and Metaspeed Tokyo franchises.  Core Performance Sports (including racquet sports) and Apparel & Equipment also contributed steady growth, posting 7.3 per cent and 10.7 per cent gains respectively in the nine months. In short, Asics’ technical foundation remains intact. But its future growth trajectory is being shaped by its newfound lifestyle clout. Asia and Europe deliver broad-based gains Elsewhere, Asics is experiencing far stronger momentum. Japan posted close to 20 per cent quarterly growth and more than 22 per cent growth over the nine months, with operating income rising more than 60 per cent. Europe’s third-quarter sales rose more than 26 per cent, supported by balanced growth across both performance and lifestyle segments, and nine-month results remained similarly strong. Greater China delivered a 27.7 per cent revenue increase in the quarter, reflecting ongoing normalisation in consumer demand. Southeast and South Asia provided the biggest lift, with third-quarter revenue jumping more than 50 per cent. The company recently opened its first directly operated store in India’s Delhi metropolitan area, signalling the importance of DTC expansion as a future margin lever.  A stronger balance sheet but margin risks remain Asics attributes its margin expansion to better inventory discipline, higher full-price sell-through and a more profitable product mix. Gross margin rose to 56.5 per cent in the nine months, while operating margin widened to 20.4 per cent. Still, logistics expenses have yet to fully normalise to pre-pandemic levels, and currency volatility continues to distort earnings. Notably, the company’s updated full-year forecast includes a slightly trimmed operating-profit expectation compared to earlier guidance, a sign that management acknowledges growing cost risks even amid record revenue. The Onitsuka Tiger question: Boon or Bubble? Onitsuka Tiger is now one of the company’s biggest variables. Once a heritage sneaker line with a steady but modest fanbase, the brand has surged into the global spotlight thanks to inbound tourism, the resurgence of retro trainers and online visibility. It has become a default “must-buy” item for visitors to Japan, and that surge has translated directly into revenue. But the pace of growth, nearly 50 per cent year on year, raises concerns about sustainability. Unlike performance running, which is tied to training cycles and relatively stable consumer behaviour, Onitsuka Tiger is heavily exposed to discretionary spending patterns and trend-driven demand. Sustaining its trajectory will require more than hype. It will require brand-building that can outlast the tourist cycle. Asics now expects full-year revenue to reach 800 billion yen and net profit to hit 90 billion yen, marking sizable improvements over last year. While the raised outlook reflects the strong financial trajectory, it also sets a high bar for next year, one that may become harder to clear if lifestyle demand cools or if global economic conditions worsen. Further reading: Why Southeast Asia is Anta Group’s strongest testing ground.