- FASHION ACCESSORIES
Adidas Group China posted great first-quarter results with revenue up 14 percent (3.8 billion euros), net profit up 38 percent (289 million euros) and sales in China alone up 26 percent.
Colin Currie, managing director of Adidas Group China, attributed the growth to his company’s Route 2015 strategy, enacted to obtain five years of double-digit growth for the company’s interests in China.
“We plan to open 500 to 600 stores in lower-tier cities by the end of the year,” Currie said, noting that the new stores will go to 300 to 350 cities where it doesn’t currently have stores, but competitors do.
“Adidas’ long-term strategy and good partnership with distributors are its strength,” said Guo Hongchi, chief executive of xijie.com. He also pointed out that, “Adidas’ success may come from the decreasing market share of Li Ning, its major Chinese rival.”