Adidas says sales were down 85% compared to the previous year. FMTNews
FRANKFURT: German sportswear makers Adidas and Puma said Wednesday store closures in China because of the novel coronavirus outbreak had caused sales to plummet in recent weeks.
Competitor Puma said “business in China is heavily impacted due to the restrictions and safety measures implemented by the authorities.”Adidas said it faced “a significant number of store closures” in its network of 500 owned stores and 11,500 franchises in China, while fewer people are shopping at those which remain open.
And the Asia-Pacific region as a whole accounted for around one-third of Adidas’ €6.4 billion in revenues in the first nine months of 2019. But Puma said “business in other markets, especially in Asia, is suffering from lower numbers of Chinese tourists”.
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