German sportswear giant adidas has reported sales growth higher than expected in China after reopening stores post lifting of lockdowns. This comes as the company is gearing up to get back in business all over Europe and the Americas.
Earlier, the company had stated an expected €100 million drop in profits for the second quarter as well as a 40 per cent decline in sales, and as of now, they are sticking to this guidance till 6 August.
However, the sharp increase in e-commerce activity and sales has been more than making up for the slightly lower footfall in stores as compared to last May.
adidas can expect its second-quarter results to be almost at par with last year, as there has been an increase in revenue for the month of May overall.
Less than half the stores are functioning in USA with more expected to open soon but almost three quarters of stores in Europe have reopened with shorter working hours. Russia also has half the adidas stores getting back on their feet.
On the other hand, in India, adidas has announced former Miss World Manushi Chillar as its brand ambassador, joining the league of actor Ranveer Singh, sprinter Hima Das and cricketer Rohit Sharma.
Manushi will be working in support of the adidas’ app-based fitness challenge where guided workout hours logged in are converted into monetary proceeds for frontline workers amid the COVID-19 pandemic.