HERZOGENAURACH, Germany, March 5 (Xinhua) -- German sportswear giant Adidas recorded double-digit growth in net sales in China last year, highlighting the market's role as a key driver of the company's overall performance.
According to the annual financial report released on Wednesday, Adidas' global net sales reached 23.68 billion euros (25.49 billion U.S. dollars) in 2024, reflecting a year-on-year increase of 10.5 percent.
The Greater China region posted a 10.3 percent net sales rise to 3.46 billion euros, with all other major markets, except North America, also reporting growth.
Adidas CEO Bjorn Gulden emphasized China's strategic importance to the company's global expansion. "China remains a crucial market with immense potential," he said during the earnings release, citing a growing middle-income population, increasing sports participation, and rising consumer demand for fashion as key factors driving Adidas' continued investment.
"The double-digit growth in China was driven by our Chinese team," he noted, highlighting Adidas' long-standing commitment to the market through its "in China, for China" localization strategy.
Speaking to Xinhua, Gulden described China's retail landscape as unique, dominated by mono-brand stores rather than the multi-brand retailers more common in markets such as Europe. This structure, he said, enables Adidas to benefit from shorter supply chain cycles and greater operational efficiency.
According to the report, Adidas' net sales in China grew by 16.1 percent year-on-year in the fourth quarter of 2024, marking seven consecutive quarters of steady expansion. (1 euro = 1.08 U.S. dollar)
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