Adidas Warns of 2024 Sales Decline in Overstocked North America Market 

An Adidas shop is seen amid the coronavirus pandemic in Berlin, Germany, April 20, 2020. (Reuters)
An Adidas shop is seen amid the coronavirus pandemic in Berlin, Germany, April 20, 2020. (Reuters)
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Adidas Warns of 2024 Sales Decline in Overstocked North America Market 

An Adidas shop is seen amid the coronavirus pandemic in Berlin, Germany, April 20, 2020. (Reuters)
An Adidas shop is seen amid the coronavirus pandemic in Berlin, Germany, April 20, 2020. (Reuters)

German sportswear giant Adidas said on Wednesday it expects a decline in its sales in North America this year, blaming a still-overstocked market there, as the company continues to sell off the sneakers from its axed Yeezy line.

Currency-neutral sales in North America are expected to decline at a mid-single-digit rate in 2024, with growth forecast in all other regions, Adidas said, announcing its final full-year results.

Adidas reported preliminary results for the year in late January and delivered a 2024 forecast far below analysts' expectations, as profits dwindle from a sell-off in its discontinued sneaker line with Kanye West.

"Although by far not good enough, 2023 ended better than what I had expected at the beginning of the year," chief executive Bjorn Gulden said.

The German retailer said its board would propose a dividend of 0.70 euros ($0.7650) per share, unchanged from last year, despite a difficult 2023, during which the company posted a net loss from continuing operations of 58 million euros.

Adidas is gambling that it can claw back market share from Nike and others even as demand for sportswear declines. It has benefited from a trend for low-rise suede "terrace" sneakers such as the Samba and Gazelle, and last year ramped up production.

Footwear sales grew by 8% over the fourth quarter, while apparel sales fell 13%.

"Things have clearly been going in the right direction at Adidas since Bjorn Gulden took over," said Thomas Joekel, portfolio manager at Union Investment. "Brand heat is increasing, which can also be seen from the fact that fewer products now have to be sold at a discount."



Milan Fashion Week Opens with Light, Ethereal Yet Grounded Looks from Fendi, Ferretti and Marni 

A model walks the runway during the Fendi collection show at Milan's Fashion Week Womenswear Spring / Summer 2025, on September 17, 2024 in Milan. (AFP)
A model walks the runway during the Fendi collection show at Milan's Fashion Week Womenswear Spring / Summer 2025, on September 17, 2024 in Milan. (AFP)
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Milan Fashion Week Opens with Light, Ethereal Yet Grounded Looks from Fendi, Ferretti and Marni 

A model walks the runway during the Fendi collection show at Milan's Fashion Week Womenswear Spring / Summer 2025, on September 17, 2024 in Milan. (AFP)
A model walks the runway during the Fendi collection show at Milan's Fashion Week Womenswear Spring / Summer 2025, on September 17, 2024 in Milan. (AFP)

Just as the northern hemisphere starts the wardrobe transition from summer to fall, runway shows in the world’s fashion capitals seek to stir the imagination, and desire, for the next warm weather season.

Milan designers have been ambiguous about seasons in recent fashion weeks, with summer collections not corresponding to the soaring temperatures. That was not the case during the first day of Milan Fashion Week previews on Tuesday, featuring diaphanous, dreamy summery dresses, alongside crisp cotton.

Here are highlights from the first day of Milan Fashion Week of runway previews of mostly womenswear for Spring-Summer 2025:

Fendi centenary

Fendi honored its upcoming centenary with a Spring-Summer 2025 collection that paid elegant homage to the founding era, from art deco detailing to a flapper silhouette, light on the fringe.

In snippets of conversation that punctuated the show’s soundtrack, Silvia Venturini Fendi emphasized the matriarchal lineage that has made her the third generation to play a key Fendi role. “My mother was the energy of the house,” Venturini Fendi recalled.

The collection by Fendi womenswear artistic director Kim Jones sought to spotlight “100 years of very chic Roman women,” combining ready-to-wear with artisanal detailing of couture. Diaphanous dresses with art-deco embroidery were grounded with boots. Slip dresses were turned upside down as skirts, worn with a sheer top embellished with crystals. Knitwear defined the silhouette, under sheers or hugging the body over diaphanous trousers.

Bags by Venturini Fendi, artistic director of accessories, were soft and huggable, often carried in triplicate.

Ferretti’s artisanal summer

Alberta Ferretti showed her summery creations in the courtyard of a former cloister, now a science museum, with an elegant dome rising in the background, the juxtaposition emphasizing the artisanal heritage in her collection.

Instead of embellishments, Ferretti focused on technique. Laser cut cotton created an almost lace effect. Individual cotton leaves were stitched together as dresses or accents on bodices. Pleating elevated dresses, while boxer shorts gave a casual flair.

The day looks were in earthy tones of sand, ecru and black. For evening, chiffon dresses flowed in bright shades.

“They are real summer clothes, because the world in the summer is very warm. I know a show is supposed to be a show but reality is important,” Ferretti said backstage.

Marni’s essential beauty

Marni maintained its zany heritage under creative director Francesco Risso, with a wardrobe of whimsically tailored everyday looks for him and for her.

The female silhouette was swathed in form-fitting dresses and skirts, often with deep back slits, sometimes with a mermaid flair. Feathers, boas and crystal embellishments were pretty, and sometimes off-beat accents.

For him, broad shouldered jackets contrasted with skinny trousers. An off-skew bow on a chiffony blouson was kept aloft through some sartorial trickery.

Mixing art with fashion, models emerged in threes, and wandered through the showroom full of wooden chairs on conversational groups to a percussive piano trio.

A sense of Marni whimsy permeated the collection, partly but not only through a series of hats with a yesteryear military flair made light with feathery accents. Risso appeared to confirm his Napoleonic intentions, taking a bow with his hand thrust inside his jacket.

“We like things that are bold,” Risso said after the show.