Asics 2024: how the Japanese running shoe brand executed multi-year strategic reset, captured Gen Z runners through GEL-NYC and other heritage models, and outperformed peers as running boom returned
Asics (founded 1949 in Kobe, Japan) executed one of the most successful athletic-footwear brand resurgences of recent years through 2020-2024. The Japanese running specialty brand had been in slow strategic decline through 2010s as Nike, Adidas, and emerging On Running and Hoka captured running category leadership. Beginning 2020 under CEO Yasuhito Hirota, Asics executed deliberate strategic reset: heritage-model revival (GEL-NYC, GEL-Kayano 30, GEL-1130, GEL-Quantum), Gen Z-targeted marketing emphasizing aesthetic + comfort positioning, social-media native marketing, and premium pricing discipline. The 2024 results: Asics 2024 revenue trajectory ~ÂĄ700B+ (+30% YoY)+, stock more than tripled from 2020 levels, and meaningful share gains in US running specialty market. The Asics 2020-2024 chapter is studied as the worked example of category-incumbent revival through heritage-model strategic positioning.
- Story: ASICS (Japanese athletic founded 1949) experienced significant 2022-2024 resurgence driven by retro running shoe trends (GEL-Kayano, GEL-1130) and athletic lifestyle adoption. Stock more than tripled 2022-2024. Strategic comeback case from declining brand to fashion-relevant athletic. Y2K and dad sh
- Why it matters: ASICS 2024 canonical case.
- Takeaway: Strategic decision at scale.
- Takeaway: Outcomes shape category.
- Takeaway: Lessons apply broadly.
ASICS — the four-step story
ASICS by the numbers
Quick facts
The pre-2020 Asics strategic decline
Through 2010s and into 2019, Asics had been in slow strategic decline:
- Category positioning erosion: Asics had traditionally been premium running specialty brand. Nike, Adidas, Under Armour captured mass-market athletic footwear while On Running, Hoka emerged with technology-differentiation positioning. Asics's middle-ground positioning lost differentiation.
- Revenue stagnation: revenue around ¥400-450B through 2015-2019; modest growth.
- Operating margin compression: from ~10% to ~5-6% as competitive pressure and inventory issues compounded.
- Stock decline through 2010s: from ~¥3,000 peak to ~¥1,500 trough.
- Product portfolio aging: technology-focused product positioning (FlyteFoam, GEL technology) didn't connect with newer running consumers who valued On Running's CloudTec or Hoka's maximum-cushion design.
- Marketing positioning unclear: brand messaging focused on technical running positioning without strong cultural-relevance signal.
- Customer-base aging: serious runners (Asics core demographic) were aging without strong younger customer-acquisition.
- 2019 management transition planning: existing strategic direction not producing results; board planned leadership-and-strategy reset.
The 2020+ Yasuhito Hirota strategic reset
Yasuhito Hirota became Asics CEO in 2020. Strategic priorities articulated:
- Heritage-model revival: identify Asics's historically significant product designs and bring them back to market with modern materials and aesthetic.
- Younger customer acquisition: target Gen Z and millennial customers through aesthetic + comfort positioning rather than technical running specs.
- Social-media native marketing: increase TikTok, Instagram presence; partner with culture-aligned influencers rather than just professional runners.
- Premium pricing discipline: rather than discount-positioning, maintain premium pricing and brand-equity.
- Onitsuka Tiger sub-brand: leverage Asics heritage Onitsuka Tiger brand (Mexico 66 model specifically) for fashion-cultural positioning.
- Operating-discipline focus: simultaneous cost discipline alongside revenue growth.
- Specific product launches: GEL-NYC (relaunched 2023), GEL-Kayano 30 (2023), GEL-1130 (2022), GEL-Quantum (sustained product line), Onitsuka Tiger Mexico 66 (continued).
The 2023-2024 commercial success
Through 2023-2024, Asics's strategic reset produced substantial commercial success:
- GEL-NYC viral on TikTok: relaunched GEL-NYC became cultural phenomenon among Gen Z consumers in 2023-2024. Social-media native marketing produced organic discovery substantial.
- 2023 revenue ¥570B (+18% YoY); 2024 trajectory ~¥700B (+30%+ YoY).
- Operating margin ~10%+: substantial recovery from mid-2010s lows.
- US share gains: running specialty store data suggests Asics share gained meaningfully in US through 2023-2024.
- Stock recovery: more than tripled from 2020 levels.
- Onitsuka Tiger Mexico 66 sustained: low-profile fashion sneaker positioning continued strong sales.
- GEL-Kayano 30 strong reception: serious-runner stability shoe (founded 1993) reached 30th-anniversary edition with strong reception.
- Sustainable materials emphasis: Asics's product portfolio increasingly emphasized sustainability messaging.
- International growth: continued expansion across Europe and Asia-Pacific.
The competitive context and the structural advantages
Asics's competitive positioning in 2024:
- Nike: structural category leader but facing Elliott Hill reset (October 2024) and competitive pressure. Asics has captured some share from Nike in running specialty.
- Adidas: also executing Bjorn Gulden reset since 2023; lifestyle/retro recovery (Samba, Gazelle) more visible than running performance recovery.
- On Running: technology-positioned running shoe with rapid growth. Competing for premium running consumer.
- Hoka (Deckers): maximum-cushion positioning with rapid growth. Competing for distance-runner premium consumer.
- New Balance: heritage + lifestyle positioning with substantial Gen Z appeal. Direct competitive overlap with Asics fashion-positioning.
- Mizuno: Japanese running brand competing for similar specialty-running customers; smaller scale than Asics.
- Brooks Running: specialty-running brand with strong technical-runner appeal.
- Asics structural advantages: 75-year operating history producing brand-heritage; GEL technology platform produces design heritage; Onitsuka Tiger sub-brand differentiates; Japanese craftsmanship messaging resonates.
How RGM thinks about category-incumbent heritage-model revival
Asics 2020-2024 is the worked example of category-incumbent revival through heritage-model strategic positioning. The structural elements: identification of historically distinctive products that customers and culture-makers respond to; modern materials and aesthetic updating of heritage designs; social-media native marketing capturing Gen Z customers; premium pricing discipline preserving brand-equity; operational-discipline alongside revenue growth.
Our framework for clients with similar category-incumbent positions facing competitive pressure: the heritage-model revival approach requires (1) genuine heritage-product portfolio that customers can identify; (2) thoughtful updating that preserves recognition while modernizing functionality; (3) social-media marketing strategies that produce organic discovery; (4) premium pricing discipline rather than discount-positioning; (5) operational discipline that supports profitability through revival period. Most category-incumbents don't successfully execute heritage-model revival; many lose differentiation through over-modernization. Asics's combination of GEL-NYC, GEL-1130, Onitsuka Tiger Mexico 66, GEL-Kayano 30 each addresses different customer segment with consistent heritage messaging. The structural success is multi-year work; whether the resurgence continues depends on continued strategic discipline.
Frequently asked questions
Is Asics's heritage-model strategy actually new?
Selectively. Asics has always sold its core models (GEL-Kayano, GEL-Nimbus, etc.) but the deliberate revival of fashion-aligned heritage models (GEL-NYC, GEL-1130, Onitsuka Tiger) is recent strategic emphasis. The approach is different from New Balance's similar heritage-model strategy (which has been more continuous) or Adidas's Samba/Gazelle revival under Bjorn Gulden. Each brand executes heritage-revival with different specific positioning.
Will Gen Z stay loyal to Asics?
Genuinely uncertain. Fashion-cycle adoption of athletic footwear is structurally cyclical. Asics's specific Gen Z brand-equity will depend on continued product innovation, social-media engagement, and aesthetic-cultural relevance. The fashion-cycle that produced GEL-NYC virality in 2023-2024 will eventually rotate to different brands; whether Asics maintains brand-equity through cycle change determines long-term outcome.
How does Asics compete with On and Hoka?
Different positioning. On and Hoka are technology-positioned newer entrants with rapid growth. Asics is heritage-positioned incumbent with 75-year operating history. The two positions can coexist; specialty-running customers may own multiple brands for different use cases. Asics's specific advantage: substantial running specialty store distribution relationships and brand-equity that newer entrants haven't fully matched.
Is Onitsuka Tiger a separate brand?
Asics sub-brand. Onitsuka Tiger is Asics's heritage athletic-lifestyle brand (founded 1949 by Asics founder Kihachiro Onitsuka). It operates with somewhat separate brand identity but shared operational structure. Mexico 66 model has been particularly successful as fashion-lifestyle shoe globally. The dual-brand structure produces customer-segmentation advantages.
What about Asics's running-performance positioning?
Continued strong. GEL-Kayano (stability), GEL-Nimbus (cushion), Novablast (running responsive), and Metaspeed Sky (racing) maintain serious-runner positioning. The heritage-fashion positioning (GEL-NYC, etc.) supplements rather than replaces running-performance positioning. Both segments contribute to revenue growth.
Sources & references
- Asics 2024 financial results — Asics investor relations materials.
- GEL-NYC viral coverage — Business of Fashion coverage of Asics Gen Z momentum.
- Yasuhito Hirota strategic communications — Asics corporate news.
- Running specialty market analysis — Runner's World coverage of Asics positioning.
- Athletic footwear competitive context — Bloomberg coverage of competitive dynamics.