adidas sl 72 trainers Adidas scales back in Russia and issues profit warning
Adidas runs 1,000 stores in Russia but, due to a fall in the value of the rouble and uncertainty in the consumer market there since the start of the Ukraine crisis, the company will now close some of them and open fewer new stores than planned.
‘Catastrophic’The company will also overhaul California based golf brand TaylorMade, which makes golf bags, clubs and clothing for the US market after an 18% drop in sales.
“Everything we announced today has one objective: to strengthen our brands, to drive consumer desire, and to set our group up for long term success,” chief executive Herbert Hainer said in a statement. But Adidas had taken a lead in the Russian market.
Nike is making gains in Europe, Adidas’ home turf. But Adidas has recently taken over from Nike as sponsors of Manchester United in a record $1.3 bn (770m) deal. The BBC is not responsible for the content of external sites. Read about our approach to external linking.