Adidas struggled to recover from the loss of the Yeezy line last year but did better than it expected to and predicts return to growth in 2024.
explained their new direction for the company’s global marketing efforts. A new motto — “you got this” — will replace“There is a lot of pressure out there and this ‘you have to just do it’ or ‘do something impossible’ is also a kind of a pressure,” Adidas chief executive officer Bjorn Gulden said. “The attitude of the company should be youthful and optimistic.
In 2023, Adidas’ operating profit also decreased significantly, falling 59.9 percent to 268 million euros from 669 million euros. But, as Gulden pointed out, Adidas had originally forecast an operating loss of around 700 million euros in 2023. The year’s result meant Adidas had actually improved that outlook by around a billion euros, he said.
By 2026, the plan was for Adidas to achieve double-digit growth and Gulden then spoke about how he might make that happen; the former Puma boss started working at Adidas at the beginning of 2023. Latin America is a much smaller market but there Adidas saw growth of 21.6 percent, in currency neutral terms, and sales totaling 2.29 billion euros.
“We started the year with a lot of bad inventory so we spent a lot of time clearing inventory,” Gulden explained. In the end, the company managed to reduce inventory levels by around 1.5 billion euros, Ohlmeyer added. This means Adidas is starting 2024 with “an almost clean inventory,” the executives said, the exception being the U.S. market.
Although lifestyle and performance products are usually fairly distinct, in the future Adidas also plans to incorporate more fashion into its performance sector.
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