Adidas Revenue In China Fell 16% In The Second Quarter
On August 5, Adidas released a mid year announcement that Adidas' revenue rose 51.5% to 5.077 billion euros in the second quarter of 2021. Among them, EMEA and North America have achieved high double-digit growth, while Latin America has witnessed a rapid growth of 230.1%. It is worth noting that greater China became the only region with negative growth, with sales down 15.9% year on year.
Source: adidas official website
Obviously, this result is not only related to the high base in the same period of last year, but also related to the outbreak of Xinjiang cotton incident this year. The cotton incident exposed at the beginning of the year, to a certain extent, affected the performance of Adidas China market, directly resulting in a 16% drop instead of maintaining high growth in the previous year.
In addition to losing the Chinese market, Adidas also experienced the first "drop out" in four years. In the recently released 2021 Fortune Global 500 list, Adidas, which has been on the list for three consecutive years, has disappeared this year. Among sports companies, only Nike ranks 321.
Nevertheless, Adidas remains confident about the full year performance of 2021. Adidas side said that although the group is still under the influence of the new crown pneumonia epidemic and geopolitics, thanks to the rapid growth in the first half of the year, Adidas is expected to increase its sales volume by 20% in 2021, and its net profit will reach 1.4-1.5 billion euro, higher than the previous 1.25-1.45 billion euro.
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