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)
TT

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."



Emporio Armani Collection Captivates with Textures, Softness at Milan Fashion Week

Models present creations by Emporio Armani during the Milan Fashion Week, in Milan, Italy, 18 January 2025. The Fall/Winter 2025/2026 collections are presented from 17 to 21 January 2025. EPA/MATTEO CORNER
Models present creations by Emporio Armani during the Milan Fashion Week, in Milan, Italy, 18 January 2025. The Fall/Winter 2025/2026 collections are presented from 17 to 21 January 2025. EPA/MATTEO CORNER
TT

Emporio Armani Collection Captivates with Textures, Softness at Milan Fashion Week

Models present creations by Emporio Armani during the Milan Fashion Week, in Milan, Italy, 18 January 2025. The Fall/Winter 2025/2026 collections are presented from 17 to 21 January 2025. EPA/MATTEO CORNER
Models present creations by Emporio Armani during the Milan Fashion Week, in Milan, Italy, 18 January 2025. The Fall/Winter 2025/2026 collections are presented from 17 to 21 January 2025. EPA/MATTEO CORNER

Giorgio Armani kept his youth game sharp with an Emporio Armani menswear collection presented during Milan Fashion Week on Saturday that was all about texture and glistening surfaces.
Titled “Seductive,” the 90-year-old designer’s Fall-Winter 2025-2026 collection for youthful dressers invited the touch: velvet three-piece suits decorated with delicate watch chains, fine ribbed lurex knitwear, luxurious corduroy pants that puddled around lug sole shoes.
Urban outerwear included belted trenches, sleek, oversized leather coats with deep slits for big steppers and long fake furs. Silken scarves were knotted like a tie, for a tromp l’oeil wave beneath blazers.
The runway show in Armani’s theater opened and closed with a soundtrack of blowing wind, beckoning cold, perhaps as a hex against global warming. Mountaineers toting climbing gear and decked out in color-block parkas in shades of purple, pink, olive and brown opened the show. An urban couple dressed for a party and bundled against the elements closed it.
Armani, dressed in his trademark navy blue, took a bow for the fashion crowd, then posed with models before greeting VIPs, including US actor Toby Wallace, Chinese actor and singer Zeng Shunxi, and model Lennon Gallagher.
Trend Watch: Faux fur collars. Body-con fine knits that glisten. Cap of all sorts, but especially a neat leather beanie.