Following a 10.7% decline in 2022, the global footwear industry is set for a rebound this year, as revenues are expected to rise by 16.9%, to $135 billion. Analysts predict the sector will continue to grow in the coming years and hit $187.3 billion by 2027.

If you’d like to get your foot in the door of this booming industry, you need to first get to know the top shoe companies and what’s driving their success. Here’s a ranking of the biggest shoe companies sorted by their market capitalization.

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Top shoe companies ranked by market value

According to the latest data, Nike is currently the biggest shoe company. As of September 2023, the popular sportswear brand is valued at $156.6 billion—more than double its valuation a decade ago. 

Nike’s lead as the largest shoe company is a significant one. Its biggest rival, Adidas, is in second place with a market cap of $36.2 billion, which is around one-quarter of Nike’s. In 2022, Nike’s global revenue totaled $42.7 billion, nearly double the $22.5 billion generated by Adidas.

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A closer look at these top two shoe companies shows that while Nike’s market cap has fallen by 26.5% since the end of 2022, Adidas has increased its company value by 45.8% over the same period. 

The third biggest shoe company is California-based Deckers Brands, which owns popular footwear brands like UGG and Teva. It is currently valued at $13.9 billion. Li Ning Company, a shoewear business from China, follows closely behind, with a market capitalization of $13.2 billion. Valued at $10.2 billion, Germany’s PUMA rounds out the five largest footwear companies.

Sixth on the list of the top shoe companies is On Holding. The Switzerland company’s market cap is $9.3 billion. Skechers and VF Corporation rank next, with company values of just under $8 billion each.

Japan’s ASICS Corporation, the second Asian-owned shoe company on the list, is in ninth place. Its market capitalization is $6.7 billion—and growing. In 2020, the company was worth $3.51 billion, just less than half of its current value. 

Crocs makes up the top 10 shoe companies, with a market cap of $6.2 billion. Crocs’s growth in recent years has also been significant. Just five years ago, its market value was $1.9 billion. 

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