Adidas CEO Says Covid-19 in China Could Threaten Company Goals, Handelsblatt Reports
09 Agosto 2022 - 06:13PM
Dow Jones News
--Adidas Chief Executive Kasper Rorsted said that though it can
be trusted that the Chinese market will bounce back, company goals
might have to be adjusted in case Covid-19 remains a problem in
China, German paper Handelsblatt reports, following an interview
with Mr. Rorsted.
--The executive said that the company has made some mistakes in
China, though lockdowns in the country were the main culprit for
Adidas's slip in revenue, according to the interview.
--According to Mr. Rorsted, Adidas didn't understand Chinese
consumers well enough, thus leaving an open way to local
competition, Handelsblatt reports.
--Adidas shares trade 3.3% down at EUR169.28.
Full story in German: https://bit.ly/3JGAo6C
Write to Cecilia Butini at cecilia.butini@wsj.com
(END) Dow Jones Newswires
August 09, 2022 11:58 ET (15:58 GMT)
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