Jostling for position

An engineer adjusts test markers on an Adidas running shoe at the Adidas innovation laboratory in Herzogenaurach May 7, 2012. [Photo/Agencies]

Behind Puma, Japan's Asics is the number four in the sector and positions itself as a supplier of premium products for everyone from elite marathon runners down to regular joggers.

The company plans to open a new flagship store on London's Oxford Street just before the Games begin on July 27.

Below those four are a cluster of smaller suppliers, including some from fast growing nations like Russia and China.

Russia's privately owned Bosco is the kit supplier to the Spanish team and has opened a store in the new shopping center on the edge of the Olympic park.

China's Li Ning Co Ltd came to prominence at Beijing in 2008 when its eponymous founder, a former Olympic gymnast, had the honor of lighting the Olympic cauldron.

However, growing competition from Nike and Adidas in China is squeezing it and other local producers.

Li Ning suffered a setback this month when it issued a profit warning and its shares fell to a 6-1/2 year low. China's ANTA Sports Products Ltd has also said it faces a challenging year because of rising costs and intense competition.

"It would take a monumental shift in the global sports apparel environment to impact on the dominance of Nike and Adidas," said Repucom's Townsend.

"I think where we could see the real jostling in the coming years is in the second tier, below the big two," he added.