Taking the replacement of the brand lining as example and drawing lessons from domestic and international relevant research results about brand equity, based on customers’ viewpoint, through analysis of the case of the replacement of the brand Lining, the article systematically elaborates such problems as the connotation and formation mechanism of sports brand equity. The authors thought: The brand equity of Lining is important intangible properties of their enterprise. The replacement of the brand not only builds new brand image and appeal, but also inherits accumulated brand assets. The establishment and promotion of brand identity are just a starting point and stage in building a brand, so enterprises should seize key work according to general logic that brand equity forms.