Germany: Adidas plans to revamp firm

ADIDAS pledged to accelerate product development and shift spending to some of the world’s biggest cities as chief executive Herbert Hainer starts his last attempt to revamp the ailing German athletic-goods company. Adidas aims to win market share in New York, Paris and other global hubs, cut the time it takes to get new sneakers into stores and bring more athletes and designers into the fold. The company forecast currency-adjusted sales will grow by “high single digits” each year from next year to 2020 to top e22 billion (R284.45bn). Profit will increase 15 percent on average each year over the period, the shoemaker said. “We lost some of our brand desirability because we didn’t focus enough on the needs of our consumers,” Hainer said at the company’s headquarters in Herzogenaurach. “We don’t need to win everywhere, but we need to win where the halo effects are created. We need to put our money where we can make a real difference.” – Bloomberg