German sportswear company Adidas said on Thursday it would grow in its key Chinese market in 2022, even after it was hit by renewed pandemic restrictions and the effects of a consumer boycott of Western brands.
The comments came after Manager Magazin reported that Adidas expects sales in China in 2022 to cut by 400 million euros ($ 455 million) without citing its sources.
Asked about the article, an Adidas spokesman said: “Our business in China has grown in 2021, and our business in China will also grow in 2022.”
Adidas sales in the third quarter fell 15% in Greater China, although they rose 15% in the first nine months of the year. On March 9, the company announced the results for 2021.
Western brands have been criticized in China for failing to supply cotton from Xinjiang following reports of human rights abuses against Uighur Muslims in the region. Beijing denies any abuse.
Last year, Adidas said it had launched an action plan to try to revive its wealth in China, which has long been the most important growing market. She has set up a special studio for marketing and increases product creation only for the Chinese market.
The Magazin manager said the situation was seen as so critical that Adidas sales manager Roland Aschel traveled to China in January despite quarantine requirements.
A competitor of Nike said in December supply problems and new blockades of COVID-19 led to a 20% drop in revenue in Greater China in the second fiscal quarter.
https://www.retailnews.asia/adidas-expects-to-grow-china-sales-this-year/?utm_source=rss&utm_medium=rss&utm_campaign=adidas-expects-to-grow-china-sales-this-year Adidas expects to increase sales in China this year