Latin America led adidas in 2021, plus new China chief
Fresh from appointing Alasdhair Willis to the role of chief creative officer, German sportswear brand adidas has published its results for fiscal 2021, revealing a 16% uptick in revenues across all markets to achieve €21.2 billion (around $23.1 billion) in sales.
In another recent personnel switch-up, Jason Thomas has been replaced by Adrian Siu as the company’s China chief.
Adidas described the Chinese market environment in 2021 as challenging, posting single-digit growth of 3% in Greater China for the period, compared to an 8% increase across the Asia-Pacific (APAC) region as a whole (another relatively low figure, which the brand attributed to extensive covid-19-related restrictions during the period in question).
Notably, the fourth quarter witnessed a 24% decline in Greater China and a 6% fall across the wider APAC region, due in part to supply shortages caused by supply chain closures in Vietnam due the pandemic and, again, covid restrictions and a “challenging” business climate on the Chinese mainland.
On a more positive note, full-year revenue growth was dominated by Latin America (+47%), Europe, the Middle East and Africa (EMEA), which rose by 24%, and North America (+17%).
The brand’s chief executive, Kasper Rørsted, offered: “Wherever markets operated without major disruptions, we have been experiencing strong top-line momentum. This is reflected in double-digit revenue growth in EMEA, North America and Latin America.
“Unfortunately, we release our 2021 results in unsettling times. Our thoughts and prayers are with the Ukrainian people, our teams on the ground and everyone affected by the war. We will continue to follow the situation closely and take future business decisions and actions as needed, always prioritising our employees’ safety and support.”
Image: adidas Women and adidas Running via Instagram.
