Sneakerheads, you may soon have to bid farewell to your local adidas stores. According to recent reports, the global sportswear giant is expecting to shift from physical retail to selling more products online in the next couple of years. CEO of adidas Kasper Rorsted explains to Financial Times in an interview that “over time, [adidas] will have fewer stores but they will be better, stating that the brand’s website ”is the most important store we have in the world.” Consumers can probably expect to notice a reduced number of adidas stores over the coming year.
As of right now, Three Stripes has 2,500 brick and mortar store locations worldwide, as well as 13,000 additional mono-branded franchise stores. As FT reports, the company is looking to boost its e-commerce sales from the €1.6 billion EUR it earned in 2017 to an estimated €4 billion EUR ($4.91 billion USD) by the year of 2020. What are your thoughts on this business move? Let us know in the comments section below.
While you are here, be sure to take a look at some of adidas’ latest releases, including the Pharrell Williams x adidas Originals Tennis Hu in “White/Chalk” and “White/Mint,” as well as the newest iteration of the Stella McCartney Parley UltraBOOST X.
- Business of Fashion