German sportswear retailer, adidas predicts sales loss worth €500 million due to fast rising COVID-19 cases. The sportswear brand will suffer from its inability to produce enough stock to meet growing demands. The retailer gets substantial portion of its stock from Vietnam.
However, adidas’s sales in the first half of 2021 have touched pre-pandemic levels. The retailers’ sales in the first six-months grew by 52 per cent to €5.8 billion encouraging the retailer to raise its outlook for the full year. Kasper Rorsted, CEO, adidas, said, the brand plans to move its operations to other countries. However, ongoing interruptions mayhave a negative impact on its business in the second half.
The German retailer was founded in 1924 and is known for apparels, shoes and fashion accessories. It generated €21.915 billion in 2018.
