This article is a part of Poland Unpacked. Weekly intelligence for decision-makers
Several iconic brands have emerged in the world of sport. One of them is Nike. The American company is currently navigating a challenging period: its revenues for the 2024/25 fiscal year (USD 46.4 billion) have fallen back to levels seen three years ago, and its shares trade at prices last seen in 2018 (market capitalization around USD 100 billion, roughly a third of its 2021 peak).
Yet Nike continues to set the pace in the global sports market. While its products are widely available in both physical stores and online, direct agreements are reserved for a select few.
It is therefore no surprise that Marcin Grzymkowski pursued such a partnership for years. The founder of eObuwie and Modivo finally succeeded this year with Sportano -his multi-brand online sports store.
“Nike is the most important and popular sports brand in the world, with around a 30 percent share of the global market. It is hard to imagine a complete sports offering without its assortment. In practice, the sports industry without Nike simply does not exist,” comments Marcin Grzymkowski, founder and chairman of Sportano’s supervisory board.
Nike agreement covers key sports categories
The companies agreed on terms in early 2025. Sportano has already received the first deliveries under the new deal – around 2,300 products, with several thousand more expected over time.
“We already have a broad assortment, and we will soon offer one of the widest Nike selections in CEE. The new Nike collection we ordered six months ago for Spring–Summer 2026 has excellent design and technical quality. We are confident it will be a bestseller. Pre-orders are already coming in,” says Marcin Grzymkowski.
The agreement covers “performance sporting goods,” encompassing a dozen or so key disciplines, primarily football, tennis, running, fitness, boxing, and indoor sports such as basketball and volleyball.
“The partnership also includes lifestyle products, but for us, these are supplementary. Our focus is on specialist sports gear across more than 60 disciplines,” adds the entrepreneur.
Good to know
Top former Nike executive advises Sportano
The Nike deal is not the only headline for Sportano. In recent months, Joris Van Rooy joined the company’s supervisory board. A manager with nearly thirty years of experience, he spent sixteen years at Nike, where he oversaw direct sales across the EMEA region (Europe, Middle East, and Africa) and in China.
“Joris’s appointment is directly linked to our growth plan. He brings tremendous experience in the sports retail sector to our management team. We have known each other for some time, and his presence on the supervisory board will be a significant reinforcement. Together, we will work on strategic development in marketing, product assortment, and expansion into new markets,” says Marcin Grzymkowski, founder of Sportano.
He emphasizes that the sports industry operates on far lower gross margins than fashion – where optimal levels are 50–60 percent – in some categories falling several percentage points below. This makes the pressure for precise assortment selection and accurate customer segmentation particularly intense.
“To achieve satisfying profitability, you have to be nearly perfect in this area. Joris can certainly help us with that, and at the same time, we remain open to collaborating with other outstanding experts with deep knowledge of the sports and e-commerce sectors,” adds Grzymkowski.
Benefits of direct collaboration
The company emphasizes that, until now, even the largest e-commerce players have sourced Nike products through wholesalers. The circle of firms holding direct agreements in the region remains small – largely limited to sellers specializing in a single discipline, such as running – and has barely expanded in recent years. This reflects the high quality standards that are difficult to meet. Moreover, Nike operates direct sales online and in physical stores. Sportano can count not only on higher gross margins by bypassing intermediaries.
“We have guaranteed deliveries with adequate lead times. This ensures full size availability and the ability to reorder our best-selling products. We are not dependent on wholesalers’ stock levels and have direct access to the assortment most sought after by our customers,” explains Marcin Grzymkowski.
Sportano’s presence in 12 European countries and its ability to cover all key categories for the brand were among the factors behind Nike’s decision to partner with the company.
“As a multi-category e-store, we stand out with a very broad assortment – not just apparel and footwear, but also sports equipment. Customers often come to us looking, for example, for a tennis racket or weights, and end up also buying tennis clothing or fitness shoes,” explains Marcin Grzymkowski.
“We began working with Sportano because we saw a partner that operates like we do – quickly, with full focus, and a constant drive to improve. Its strong digital presence, deep roots in professional sport, and excellent understanding of the local market make it the ideal partner to help us serve athletes across Poland and beyond,” adds Bart Sneyers, Nike’s Director of Key Sports Partnerships.
A key brand among a thousand others
The Nike agreement gives Sportano a strong boost for the year ahead amid a challenging sports market. In some stores, the brand accounts for as much as half of sales.
“For us, Nike will most likely be number one, but it still won’t exceed 10 percent of revenues, because we carry around a thousand brands – most under direct distribution agreements. The current terms cover all the countries we operate in and our most important categories, so for now there’s no need to expand the partnership,” says Marcin Grzymkowski.
He emphasizes that it was precisely the absence of a direct agreement with Nike that the company had been missing. Now the assortment is effectively complete.
“Everything that matters in sports is already available with us. We are talking to other brands, but this will no longer have a fundamental impact on the breadth of our offer. Moreover, given the current portfolio size, we will likely gradually reduce it by phasing out the lowest-selling brands,” adds the founder of Sportano.
Fireside chat
A sign of a global leader’s strategic shift
How do you view Sportano’s agreement with Nike through the lens of your own experience?
Witold Kowalski, owner of WK Profit Consulting & WK Travel Inspirations: It reflects a partial return to the company’s former strategy, which emphasized partnerships with retail sellers worldwide, including in Poland. Between 1998 and 2011 – during my time at the company – we built a high-quality partner network in Poland known as the ‘Nike Leaders Group.’
In recent years, the company pursued a DTC (direct-to-consumer) strategy, eliminating most retailers from its distribution to capture their margins. Since consumers are dispersed and traditional retail remains important to them, Nike struggled to reach them directly through a drastically reduced number of strategic retail partners, online sales via nike.com, and its own outlet stores.
Meanwhile, competitors entered retail shelves, achieving growth of 12 to over 20 percent. They introduced numerous innovations and adopted a more collaborative approach with retailers. Nike dismantled a significant portion of its national organizations, including in Poland, and lost direct local contact with customers. This proved to be a somewhat illusory operational cost saving. Product management -including inventory, pricing policy, and end-customer relationships – became far more challenging. Nike’s deep roots in sport were once a major brand advantage, but in recent years this has been overshadowed by a more transactional approach, with fewer inspiring innovations, including in marketing communications.
How has Nike’s global and local position changed since you managed the company in Poland between 1999 and 2011? Beyond long-established brands, younger names such as On have recently gained a strong foothold in the market.
Nike remains the undisputed global market leader, with USD 46.3 billion in revenue – a year-on-year decline of 9.84 percent. Over the same period, its main competitor, Adidas, grew by 12 percent, reaching EUR 23.6 billion. Other rivals, including New Balance, Hoka, and On, recorded sales growth exceeding 20 percent.
You could say that Nike ran out of steam, prompting a recent return to its roots. The company has refocused on sports categories that distinguish the brand from ‘pure fashion,’ rebuilt relationships with quality retailers, reinstated sports category management, placed greater emphasis on innovations and their inspiring communication, and concentrated its efforts on key markets. This shift was made possible by bringing Nike veteran Elliot Hill out of retirement as global CEO. He has a deep understanding of the factors behind Nike’s past extraordinary success.
It seems the company’s previous strategy did not deliver. I say this with some satisfaction, as the change was the main reason for my departure after 13 years at Nike – a period in which the company established a strong leadership position in Poland, introduced new standards of retail management, and created a running culture in the country.
How has the Polish sports goods market evolved over the past decade? Has the change been dramatic or more modest than expected?
The Polish sports market has developed significantly since my time. This has been driven not only by GDP growth, but also by increasing consumer awareness and the activities of brands – both new entrants and previously inactive ones. Major players reduced the number of retail partners, built up direct sales, and focused on strategic customers, often outside Poland. In the competition at the top, Adidas occasionally took the strategic initiative while maintaining its market presence, whereas Nike moved its operations from Warsaw to Berlin, which became its hub for Central Europe.
After briefly emulating Nike, Adidas returned to building relationships with selected retail partners. As an independent consultant, I have helped many major players in Poland realize their potential – both at the brand level and with retailers. I even had one conversation with Sportano, in which I explained why Nike would not initially choose them. I am very pleased that the Americans have finally changed their mind on this matter.
Rapid ascent to PLN 470 million (EUR 111m) in sales driven by massive investment
Marcin Grzymkowski is developing Sportano on an ambitious scale. He launched the business in December 2021, shortly after leaving eObuwie. In 2022, the company generated around PLN 52 million (EUR 12.3m) in revenue, rising to PLN 184 million (EUR 43.7m) in 2023, and PLN 336 million (EUR 79.8m) in 2024.
Such growth dynamics required substantial investment from the outset. In 2024–25, the bValue Growth fund invested over PLN 60 million (EUR 14.2m) in two tranches in exchange for a minority stake of several percent, implying a valuation in the hundreds of millions of zlotys. The founder himself has invested far more, with the sale of eObuwie having secured him billionaire status.
The past few years have been a period of market positioning for Sportano, reflected in its results. Net losses exceeded PLN 40 million (EUR 9.5m) each year, and including an additional PLN 8 million loss (EUR 1.9m) in the first months, the total through the end of 2024 was around PLN 136 million (EUR 32.3m).
“This year – after just four years – we expect to approach PLN 500 million (EUR 118.8m) in revenue. It will likely settle around PLN 470 million (EUR 111m) net, an astonishing pace. We are now focusing on profitability and achieving a positive EBITDA, and from 2026 onwards, profits should be significantly higher,” comments Marcin Grzymkowski.
Another investor an option, then an IPO
The company aims to reach PLN 1 billion (EUR 237m) in sales over the next few years, with preliminary projections of around PLN 600 million (EUR 142m) for 2026. Growth, however, will not come at the expense of profitability, and the ultimate pace will depend on available financing.
“The Nike agreement further strengthens our credibility with potential partners and investors. If an international investor who could bring additional value presents an attractive offer, we will consider it. However, it would need to involve a minority stake, because I believe in this business and want to retain majority ownership. We are not in a critical situation. If necessary, I can inject further capital into the company, and once we achieve profitability, opportunities for external financing will also open up,” says Marcin Grzymkowski.
Sportano is considering an IPO, but only in a few years. This would coincide with the end of the fund’s initially planned investment horizon. For now, the company intends to significantly scale operations and achieve EBITDA profitability at a “high” level – closer to 9 percent than 2 percent – a target Mr. Grzymkowski considers entirely realistic in this sector.
Good to know
Zalando aims to grow in sports
The expansion of sports offerings is not limited to specialized players. Zalando, Europe’s largest fashion platform, identified growth in this segment as a strategic priority this year, exemplified by a recent influencer-led advertising campaign.
“Today’s sports-interested consumer is not only someone training at a professional level and demanding maximum functionality from their apparel. Many customers seek products that combine practicality with style – items that perform during workouts and allow them to express themselves through clothing. We aim to create an inspiring space offering a wide selection of footwear, apparel, and accessories for every activity, from running and fitness to football, swimming, and outdoor adventures,” says Daniel Rogiński, Managing Director of Zalando in Central and Eastern Europe.
He notes that running is the most popular discipline among Zalando customers across Europe, including Poland. He highlights the running shoe segment, where consumers shop more frequently than in other categories and are willing to spend more on high-tech, premium-quality products. The share of models priced above PLN 420 (EUR 100) rose from 35 percent in 2021 to over 70 percent in 2025 – a change that cannot be explained simply by price increases.
“We expect the sports category to expand significantly in the coming years. Already today, 58 percent of Poles say they exercise more often than a year ago. In the CEE region, these figures are even higher – 68 percent in Romania and as much as 70 percent in Czechia,” adds Rogiński.
E-shop, app, and marketplaces
The company started as an online store, and this channel still generates the majority of its revenue. In June 2025, it launched a mobile sales app. Two months later, it had 100,000 downloads; today, that number exceeds 300,000.
“Customer retention metrics are close to our targets, but the pace of adoption has exceeded expectations. We now have one of the few dozen most popular apps in Poland. It already accounts for between 10 and 20 percent of our revenue, and our goal is to reach the ‘high’ tens of percent,” says Marcin Grzymkowski.
Sportano has also joined several marketplaces, but with a very limited assortment. This primarily helps address slow-moving stock. As a result, marketplace sales account for only a small share of overall revenue.
“We even sell on Decathlon’s platform, because we don’t see it as a direct competitor. Their focus is on a different type of assortment and in-store sales,” explains the entrepreneur.
Plans to develop a physical store network
Sportano also has a presence in brick-and-mortar retail. In November 2022, it opened a 2,500 sq. m. store in a shopping center in Warsaw. Product displays are minimal; most items are retrieved from the backroom upon order via tablet. The focus has been on additional services – including repairs – and innovations such as a ski and snowboard simulator.
“We are open to expanding our store network. We are in discussions about locations in several larger cities, but this is not a priority. This channel will always account for at most a few percent of revenue. More important than direct in-store sales is brand building and using the space to showcase our full online offering to new customers,” says Marcin Grzymkowski.
The company’s physical infrastructure is still primarily logistical. This year, it expanded its warehouse in Zielona Góra (western Poland) by nearly 10,000 sq. m., bringing it to around 35,000 sq. m. There is room for even more, though it is not yet needed.
“We are focusing on increasing automation. This year, we increased the number of robots from 100 to over 160, and next year we will certainly exceed 200. Thanks to investments in logistics automation and robotics, we can offer one of the best customer service experiences on the market. At launch, we employed over 200 people; today, about 260 – despite having multiplied the scale of operations compared to the first year. This clearly illustrates our efficiency gains,” explains Mr. Grzymkowski.
Poland remains key, but international sales are now larger
Poland remains Sportano’s most important market, where the company focuses its marketing efforts and strives to gain market share. However, thanks to its broad reach, international sales now account for just over half of total revenue. Sportano holds a similar position in other regional markets, performing best in Czechia, Romania, and Ukraine.
“In the latter, e-commerce offers a strong alternative given limited access to physical retail. We have been considering entering another country for some time, but strengthening our position in existing markets is more important. We consistently aim to be the gateway to Central and Eastern Europe for global sports brands, and our international partners recognize and value this,” says Marcin Grzymkowski.
Expert's perspective
A polarized market
Explainer:
BLIK is a popular Polish mobile payment system that lets users make quick, secure transactions in stores, online, at ATMs, or via P2P transfers by generating a one-time 6-digit code in their bank's app and confirming it with a PIN or biometrics.
Following the pandemic boom, a correction occurred, resulting in a clear polarization. Giants like Decathlon (EUR 16.2 billion in revenue, 20 percent digital sales, and development of its own marketplace) compete with specialized players such as Sportano, which is growing dynamically thanks to efficient logistics and a curated application of the “long tail” model – offering a large number of niche products.
Margin pressure remains a key challenge due to rising logistics and digital marketing costs. Companies offset this by building higher-margin service ecosystems—from personalization to after-sales support. Profitability increasingly depends not on product sales alone, but on comprehensive customer experience.
AI: an opportunity, not a threat
The founder of Sportano acknowledges that in recent years, the costs of performance marketing – essentially “buying clicks” – have risen sharply, putting increasing pressure on e-commerce profitability.
“Profitability in the sector is generally quite low, which is reflected in the modest valuations of the largest e-commerce companies. I believe, however, that the situation will gradually balance out. Foot traffic in shopping malls is down by up to several percentage points this year, while rental costs are at record highs. As a result, chains that currently enjoy very high profitability in physical retail may feel the impact of declining margins in the future,” says Marcin Grzymkowski.
He views the rise of generative artificial intelligence (GenAI) more as an opportunity than a threat. Consumers are increasingly using chatbots, including for shopping purposes.
“We believe this will work to our advantage. Today, we are already strong in performance marketing. In the future, if AI assistants consider not only price but also service quality, delivery conditions, and all the other criteria in which we are already among the best in the market, this will also play to our strengths,” explains the entrepreneur.
Key Takeaways
- Breakthrough. Sportano has become one of the few companies in the region to secure a direct agreement with Nike. For Marcin Grzymkowski, acquiring this brand was crucial, as Nike is a global leader in the sports market. Although it will be just one of roughly a thousand brands in the Polish company’s portfolio, it will quickly become the most important, potentially accounting for close to 10 percent of revenue.
- Ambitions. In its fourth year of operation, Sportano is set to reach approximately PLN 470 million in revenue and likely post a positive EBITDA. From 2026 onward, the company expects significantly higher profits, targeting PLN 600 million in sales, with a multi-year goal of PLN 1 billion. Growth pace will depend on the scale of available financing. Marcin Grzymkowski is open to considering offers from additional investors following the bValue Growth fund or, if necessary, personally injecting capital into the business.
- Environment. In recent years, online stores and marketplaces have faced strong cost pressures due to the rising expense of performance marketing. High margins, by contrast, are enjoyed by chains focused on physical retail. Mr. Grzymkowski believes the situation will gradually balance out. Meanwhile, the increasing use of AI tools in shopping is seen as an opportunity rather than a threat for Sportano.