Pause operations: company temporarily curtailing operations while keeping return options open
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Adidas AG is a German multinational corporation, that designs and manufactures shoes, clothing and accessories. It is the largest sportswear manufacturer in Europe.
Pause operations: company temporarily curtailing operations while keeping return options open
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Global 500Top 100 largest companies in Russia by revenue
Top 100The arbitration imposed an arrest on the funds belonging to LLC "Adidas" "and on any other property within the limits of the price of the claim" in the amount of 3.5 billion rubles. Updated Adidas stores may open in Russia in the spring of 2024 under a new name. The rights to sublease retail spaces have been acquired by a structure owned by 'Stockmann' and Lamoda owner Yakov Panchenko. The Moscow Arbitration Court arrested the assets of the Russian subsidiary of Adidas for 3.49 billion rubles as part of a claim from the Dream Island amusement park. Significantly reduced revenue in 2023 vs 2022.
Suspends retail and e-commerce operations in Russia. Adidas said it would suspend sales in Russia, cutting 1 percent of expected revenue growth this year. The company has about 500 stores in Russia and the countries of the former USSR. Adidas announced closing its stores in Russia shortly after the invasion in 2022. The customs records indeed show that shipments of Adidas products stopped as well. However, the shipments have resumed in October of 2022 and by value have easily exceeded pre-invasion levels. Comparing total shipments for Adidas trademark for the last three years leads to a clear conclusion: after the invasion and the Adidas announcement of leaving Russia the imports drastically reduced from the total $195.3 m in '21 to $64 m in '22. Yet toward the second part of '23 the volume has been restored, so the total for that year was $198.7 m.