Brands-To-Retail 06-08-2021 Hits: 3057

Despite sales declines in China, Adidas raises its outlook

Brands-To-Retail 06-08-2021 Hits: 3057

Adidas
China

Brands-To-Retail 06-08-2021 Hits: 3057

5th Aug 2021, Mumbai:

BERLIN: Adidas boosted its full-year sales and profit forecasts as demand rose throughout the globe, but the firm suffered a hit in China, where Western brands faced a boycott of their products in late March. Adidas' optimism is bolstered by upcoming product launches such as new versions of its famous NMD shoes, as well as sporting events such as the Olympics and the start of the European club soccer season.

Adidas' optimism is bolstered by upcoming product launches such as new versions of its famous NMD shoes, as well as sporting events such as the Olympics and the start of the European club soccer season. BERLIN: Adidas boosted its full-year sales and profit forecasts as demand rose throughout the globe, but the firm suffered a hit in China, where Western brands faced a boycott of their products in late March. Adidas' optimism is bolstered by upcoming product launches such as new versions of its famous NMD shoes, as well as sporting events such as the Olympics and the start of the European club soccer season.

In late March, Western companies such as Adidas were targeted online in China for previous comments that they would not source cotton from Xinjiang due to reports of human rights violations against Uyghur Muslims. Beijing denies any wrongdoing. Adidas stated in May that demand in China had first dropped sharply, but that sales had subsequently rebounded slowly but steadily. On Thursday, it made no mention of the tensions, instead referring to the "geo-political situation."

Apparel retail revenues in China down 6.60% in 2020; e-commerce remains positive