American swimming star Michael Phelps, center, practises during a promotional event for sportswear brand Under Armour in Shanghai, China, 7 November 2016.

Sportswear brands in China are benefiting from growing public interest in, and government promotion of exercise, although margins have been pushed down by ecommerce, writes the Financial Times. Chen Ke, a partner at Roldan Berger, says that low-end Chinese brands are likely to be the relative losers. More unique brands, such as Under Armrour and Lululemon are growing faster, according to Weiwen Han, a partner at Bain.