Adidas (ADDYY) reported a huge 20% YOY increase in sales for the 2nd quarter, with e-commerce growth up 66% from the same time period last year. The growth was largely driven by sales in the U.S and China, up 26% & 28% respectively. Despite the significant growth, CEO Kasper Rorsted believes the company has plenty of room to grow; announcing a commitment to spend nearly an extra billion dollars on marketing by the end of the decade, to grow key territories and build out its digital initiative.
‘We’re by no means where we need to be,’ says Adidas CEO as sales rise 20%
Howie Long-Short: After being tossed in the dumpster in 2014, Adidas has been on a tear for two years, taking share from the competition. Clearly they’ve been getting something right design-wise. I have no idea what. My obsession with athletic shoes ended around age 18.
Fan Marino: I said I wouldn’t do it. I said I was firmly in the Nike camp. I sold out.