German sports brand Adidas has began a probe into the large-scale bribery charge linked to its Chinese employees.The company initiated a probe after it received a whistleblower complaint, accusing senior staff of its China unit of embezzling “millions of euros“, reported news agency Reuters citing a Financial Times report.In an anonymous letter, which surfaced from…
SHANGHAI: Premium sportswear brands are enjoying robust growth in China as they take to directly courting their main customers, posing yet another setback to mega brands Nike and Adidas as they grapple with local competitors in the $55 billion sportswear market. Sportswear is a rare bright spot in China’s sluggish consumer market, as health and…
JD Sports (file image) British sportswear retailer JD Sports said trading conditions remained challenging after its like-for-like sales dropped in January, resulting in fourth-quarter growth of just 0.1%. The retailer, which sells Nike, Adidas and other sports fashion ranges, said its pretax profit for the year to Feb. 4 would meet guidance it downgraded in…
German sportswear giant Adidas posted its first annual loss in more than 30 years on Wednesday and warned sales in North America would fall again as sportswear retailers in the U.S. struggle with high inventories. Adidas has been battling to right itself after it cut ties with Kanye West in October 2022, suspending sales of…
PARIS: India is a “big priority” market for Decathlon, and the French sports retailer expects the country to be among its top five global markets within the next five years, helped by expansion of store network and increased local sourcing, according to a top company official. Decathlon, as part of its growth plans, will add…
Investors want Zara owner Inditex to follow rivals H&M and Primark in making its full list of suppliers public so they can better assess any supply chain risks. Inditex is an outlier among big clothing retailers in not publishing which factories it sources from. Regulators and investors want greater transparency and better disclosure from companies….
Shares of Foot Locker slumped about 27% on Wednesday after the retailer projected 2024 profit below Wall Street expectations, hurt by a planned ramp-up in investments across its business to boost demand. Despite a solid holiday quarter, Foot Locker said it would achieve its long-term profit margin target two years later, in 2028, dashing hopes…
German sports apparel company Puma plans to return up to 50% of its net income to shareholders, it said on Thursday The company will now return between 25-40% of the Group’s net income in dividends, up from 25-35%, the statement said. The first tranche of a share buyback programme will begin in March 2024 and…
Puma on Tuesday said it expects a weak first half of the year in a challenging market, but shares in the German sportswear brand climbed as it kept its dividend and stuck to the annual targets it set in January. Sportswear companies including Adidas, Nike, and Puma, have seen demand weaken as customers battling with…
Nike on Thursday said it will cut about 2% of its total workforce, or more than 1,600 jobs, as the sportswear giant looks to cut costs after flagging weaker profits this year. Nike’s global peers Adidas, Puma and JD Sports , too, have warned of weaker earnings this year, as consumers cut back on non-essential…
