First-quarter sales in Greater China fell by 9.4% in currency-neutral terms from the same period last year, Adidas reported on Friday
Though it is hard to find a global consumer brand that wasn’t negatively impacted by China’s zero-COVID restrictions in 2022, Adidas’ fall was more precipitous than its peers.
Adidas was also impacted more heavily than peers by 2020’s Xinjiang cotton controversy, CMBI analyst Walter Woo says, in which Western brands came under attack on Chinese social media over their comments on labour conditions in the province. That has started to bear fruit, with Gulden saying on Friday the sell-through rate – or the percentage of product held in inventory that went on to be sold – was at double-digit levels in the first quarter in the wholesale business and Adidas’ own stores.
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