SHANGHAI : A potential 500 million euro ($551 million) write-off on unsold Yeezy shoes is a headache for Adidas as it looks to implement a global turnaround - but it's not the German sportswear giant's biggest problem.That would be China, the world's second-largest sportswear market, where Adidas saw sale
SHANGHAI : A potential 500 million euro write-off on unsold Yeezy shoes is a headache for Adidas as it looks to implement a global turnaround - but it's not the German sportswear giant's biggest problem.
First-quarter sales in Greater China fell by 9.4 per cent in currency-neutral terms from the same period last year, Adidas reported on Friday, saying there is still uncertainty around the recovery in China. Since 2019 Adidas has seen its market share in China fall from 19 per cent to 11 per cent, according to Euromonitor figures, allowing local giant Anta to leapfrog into second place in terms of sportswear market share behind Nike.
New CEO Bjorn Gulden flagged in March that Adidas would increase its focus on sports in China, especially soccer and marathons, and sponsor more Chinese athletes.
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