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Adidas Raises 2024 Guidance Again, Citing Good Brand Momentum

An Adidas shoe is seen in a store at the Woodbury Common Premium Outlets in Central Valley, New York, US, February 15, 2022. (Reuters)
An Adidas shoe is seen in a store at the Woodbury Common Premium Outlets in Central Valley, New York, US, February 15, 2022. (Reuters)
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Adidas Raises 2024 Guidance Again, Citing Good Brand Momentum

An Adidas shoe is seen in a store at the Woodbury Common Premium Outlets in Central Valley, New York, US, February 15, 2022. (Reuters)
An Adidas shoe is seen in a store at the Woodbury Common Premium Outlets in Central Valley, New York, US, February 15, 2022. (Reuters)

Adidas on Tuesday raised its full-year sales and profit guidance, citing better than expected performance in the third quarter and good brand momentum as it benefits from popularity of its three-striped Samba and Gazelle shoes.

The German sportswear brand raised its forecasts for the third time this year, saying it now expected currency-neutral revenues to increase by around 10% this year, having previously forecast a high single-digit rate.

Adidas also raised its profit forecast for the year to 1.2 billion euros ($1.31 billion) from 1 billion euros.

Over the third quarter, Adidas revenue grew 7% to 6.438 billion euros, slightly above analysts' estimates of 6.416 billion euros.

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Fashion

Mango Fashion Tycoon Andic Dies in Mountain Accident

Pedestrians walk by the entrance of a Mango shop on Passeig de Gracia street in Barcelona on February 28, 2024. (AFP)
Pedestrians walk by the entrance of a Mango shop on Passeig de Gracia street in Barcelona on February 28, 2024. (AFP)
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Mango Fashion Tycoon Andic Dies in Mountain Accident

Pedestrians walk by the entrance of a Mango shop on Passeig de Gracia street in Barcelona on February 28, 2024. (AFP)
Pedestrians walk by the entrance of a Mango shop on Passeig de Gracia street in Barcelona on February 28, 2024. (AFP)

Istanbul-born founder and owner of fashion empire Mango Isak Andic died on Saturday in a mountain accident, the company said. He was 71.

The businessman slipped and fell from a 150-meter cliff while hiking with relatives in the Montserrat caves near Barcelona, Spanish newspaper La Vanguardia said.

"His departure leaves a huge void but all of us are, in some way, his legacy and the testimony of his achievements. It is up to us ... to ensure that Mango continues to be the project that Isak was ambitious and proud of," Mango's CEO Toni Ruiz said in a statement.

Andic moved with his family to the northeastern Spanish region of Catalonia from Türkiye in the 1960s and founded Mango in 1984. He was worth $4.5 billion, according to Forbes. He was non-executive chairman of the company when he died.

He was seen as a rival to Amancio Ortega, the owner of Inditex, the world's largest fast-fashion retailer.

Mango had a turnover of 3.1 billion euros in 2023 with 33% of its business online and a presence in more than 120 markets.