China’s long-term problems would hit Adidas targets through 2025 – Handelsblatt

BERLIN, August 9 (Reuters)Any longer-term collapse of China as a growth market could undermine Adidas’ sales and profit targets through 2025, the sporting goods company told business daily Handelsblatt on Tuesday.

“If the initial assumptions change permanently, we will also have to adjust our targets,” chief executive Kasper Rorsted told the business daily Handelsblatt.

However, he does not believe that China would eventually turn away from Western brands.

“Then every company in the world would have a problem. But I don’t think that’s realistic. China will come back, and then there will be a lot of room for growth,” Rorsted said.

He added that Adidas erred in not understanding consumers in China enough.

Adidas last month cut its 2022 profit target, citing a slower-than-expected recovery in China from pandemic restrictions.

(Reporting by Alexander Huebner Writing by Madeline Chambers Editing by Thomas Escritt)

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