GERMAN sportswear giant adidas saw strong growth in Greater China in the third quarter, while sales in North America excluding Yeezy shoes were up thanks to improving brand image, Reuters reports.
The brand's performance in China contrasts with rival companies that are struggling with weak consumer demand and a likely longer wait for government stimulus measures to boost confidence, the company said.
Currency-neutral quarterly sales rose nine per cent to EUR946 million (US$1 billion) in Greater China, up from EUR870 million in the year-earlier period, its strongest three-month sales in China since the start of 2022.
'We are actually happy with the circumstances that you see in China, we are taking market share and we are more profitable both for us and the partners,' said Adidas CEO Bjorn Gulden, adding that he wouldn't be surprised if sales grow by 10 per cent or more in the fourth quarter.
Adidas had opened more than 200 stores in smaller Chinese cities by the end of the third quarter and aims to get to 300 by the end of the year, competing with local brands on their turf, Mr Gulden said.
Felix Dennl, an analyst at Metzler in Frankfurt, said Adidas' performance in China had been boosted by its decision to design products specifically for that market.
Last week China's biggest sports retailer Topsports noted Adidas' resilience and said Nike has by contrast been lagging, Mr Dennl said.
A trend for Adidas' Samba and other 'terrace' shoes - retro models inspired by soccer fans' footwear in the 1970s and 1980s - has helped it gain market share from rivals such as Nike and recover from a bruising break-up with Kanye West.
Adidas reached a settlement with the rapper - who legally changed his name to Ye in 2021 - during the third quarter to end a series of legal disputes.
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The brand's performance in China contrasts with rival companies that are struggling with weak consumer demand and a likely longer wait for government stimulus measures to boost confidence, the company said.
Currency-neutral quarterly sales rose nine per cent to EUR946 million (US$1 billion) in Greater China, up from EUR870 million in the year-earlier period, its strongest three-month sales in China since the start of 2022.
'We are actually happy with the circumstances that you see in China, we are taking market share and we are more profitable both for us and the partners,' said Adidas CEO Bjorn Gulden, adding that he wouldn't be surprised if sales grow by 10 per cent or more in the fourth quarter.
Adidas had opened more than 200 stores in smaller Chinese cities by the end of the third quarter and aims to get to 300 by the end of the year, competing with local brands on their turf, Mr Gulden said.
Felix Dennl, an analyst at Metzler in Frankfurt, said Adidas' performance in China had been boosted by its decision to design products specifically for that market.
Last week China's biggest sports retailer Topsports noted Adidas' resilience and said Nike has by contrast been lagging, Mr Dennl said.
A trend for Adidas' Samba and other 'terrace' shoes - retro models inspired by soccer fans' footwear in the 1970s and 1980s - has helped it gain market share from rivals such as Nike and recover from a bruising break-up with Kanye West.
Adidas reached a settlement with the rapper - who legally changed his name to Ye in 2021 - during the third quarter to end a series of legal disputes.
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