1253 GMT - Innovation is essential for sporting-goods companies at a challenging time for the industry, but it isn't enough, Berenberg analysts write in a research note. On Holding, Puma and Adidas recently hosted events at which they presented new products. "We see innovation as a necessary but insufficient condition for growth," the analysts say. Given that technological capabilities among rivals are converging, differentiation depends to a greater extent on the ability to bring innovations to market, they add. Adidas and On have excelled in this regard, while Puma's industry-leading technology in performance products like running shoes remains underappreciated, Berenberg says.