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An adidas outlet in Huai’an, Jiangsu province.Provided To China Daily |
German sports goods producer adidas AG posted a strong 30 percent sales growth in the second quarter of the year in China, the company's fastest-growing market in the world, thanks to its innovation in products that mix sports and fashion and its widespread distribution channels.
The growth was mostly driven by its sports performance products and its fashionable line of "sports style" products.
The group sales in the second quarter increased 21 percent, with growth accelerating in Western Europe at 29 percent and North America at 26 percent. Its net income from continuing operations almost doubled to 291 million euros ($324 million).
Colin Currie, managing director of adidas Greater China, said: "We continue to grow from strength-to-strength in China by providing consumers with the best in cutting-edge sports-performance and sport-inspired lifestyle products while accelerating retail expansion through the introduction and rollout of innovative new store formats."
Herbert Hainer, adidas CEO, said: "The stellar financial performance in the second quarter is proof positive that our strategy is paying off."
Adam Zhang, founder of Key-Solution Sports Consultancy, said adidas has been successful lately in developing iconic products including its Stan Smith, NMD and Yeezy Boost series - creating a sensation among consumers.
He added that its quick expansion to lower-tier cities and even counties in China has also helped its multiple brands to get more access to a wide range of consumers, especially since the popularity of sports has picked up in recent years.
Asked why Nike Inc is losing dominance in the Chinese market, Zhang said that Nike lacked innovative products in recent years to appeal to young consumers.
Similar to Nike's years of effort in building sports resources in China, adidas has also stepped up its involvement with youth soccer training.
It is collaborating with billionaire Wang Jianlin's Dalian Wanda Group Co to help develop soccer and basketball in China.
wangzhuoqiong@chinadaily.com.cn
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