Adidas weighed down by anti-Covid restrictions in China – Teller Report

“In our eyes, the biggest challenge we currently have in China is the containment linked to Covid-19”, explained the brand’s boss, Kaspar Rorsted, during a conference call on Thursday. “We are still seeing very cautious consumer behavior with the imminent risk of further lockdowns.” After a catastrophic first half in the Middle Kingdom, where Adidas sales fell 35% year on year in local currency, July recorded another 21% decline in directly owned stores and a similar trend among franchisees, he continued. In question, the fact that around 80 cities in China "are at least partially affected by the confinements". China…