From the ground up

adidas has been gaining ground on Nike for some time now. And while brands tend to use major sporting events like the Rio Olympics to push new product, the Swoosh is reportedly losing the battle to both adidas and Under Armour during the world games.

Just four years ago, for example, Nike used the Olympics to beat adidas to the market with Flyknit technology. But now, in terms of stock at least, Nike’s has risen just 1% during the 2016 Olympics, while adidas’s is up 5.9%, and Under Armour’s has advanced 2.3%.

Neither adidas nor Under Armour are official Olympic sponsors this year, but UA is currently sponsoring roughly 250 Olympic athletes, including the god Michael Phelps, and the Three Stripes has provided uniforms for numerous teams, including Great Britain and Germany. Nike in turn sponsors the U.S. Olympic teams, in addition to a slew of athletes.

“You have increased competition. Under Armour is a public company out there now competing for more sponsorships. It’s more expensive for the companies involved,” said Bespoke cofounder Paul Hickey.

Athletic brands aren’t the only ones profiting from the Olympic games, however. After the Rio Olympics opening ceremony, Ralph Lauren’s shares skyrocketed 12%, as Team USA donned the designer label during its much-watched entrance.

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