adidas’ Greater China market posts revenue decline

Its revenue from the market dropped by 36% in 2022.

adidas reported revenue growth across all market segments except in Greater China which fell by 36% in 2022.

The brand linked this decline to the challenging market environment, company-specific challenges, and significant inventory takebacks.

Meanwhile, adidas performed strongly in other markets where it registered double-digit growth: Latin America (44%) and North America (+12%). Revenue in EMEA went up by 9%, whilst APAC revenue grew by 4%.

“2023 will be a transition year to build the base for 2024 and 2025,” Bjørn Gulden, CEO of adidas, said.

“We need to reduce inventories and lower discounts. We can then start to build a profitable business again in 2024. adidas has all the ingredients to be successful. But we need to put our focus back on our core: product, consumers, retail partners, and athletes.”

adidas’ currency-neutral revenues declined by 1% overall, largely due to the termination of the Yeezy partnership.

The brand also saw a net loss from continuing operations of €482m (US$510m).

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