Adidas brand's revenue in the Greater China region grows 13% in H1

Adidas has released its financial results for the second quarter and the first half of 2025. In the second quarter of this year, the global revenue of the Adidas brand reached 6 billion euros, representing a year-on-year growth of 12% on a currency-neutral basis (the same applies below), excluding the Yeezy factor (the same applies below). The operating profit amounted to 546 million euros, a year-on-year increase of 58%, and the gross profit margin rose by 0.9 percentage point year-on-year to 51.7%. In the first half of this year, the global revenue of the Adidas brand achieved 12.105 billion euros, a year-on-year growth of 14%, the operating profit reached 1.2 billion euros, a year-on-year increase of 70%, and the gross profit margin increased by 0.9 percentage point year-on-year to 51.9%.

In the second quarter of this year, both the sports performance and sports fashion businesses of the Adidas brand achieved double-digit growth, with year-on-year increases of 12% and 13% respectively. By product category, the revenue from Adidas brand footwear increased by 9% year-on-year, among which the revenue from the running business represented by the ADIZERO 0 series grew by more than 25% year-on-year. The revenue from apparel business rose by 17% year-on-year, and that from accessories business increased by 7% year-on-year.

As one of the most important strategic markets for the Adidas brand, the Greater China region has achieved "quality growth" for nine consecutive quarters. According to the financial report, in the second quarter, the revenue of the Adidas brand in the Greater China region reached 798 million euros, a year-on-year growth of 11%. In the first half of this year, the Greater China region contributed 1.827 billion euros in revenue to the Adidas brand, a year-on-year increase of 13%.

When talking about the full-year 2025 outlook and the impact of tariffs, Gulden pointed out that the company had been affected by tens of millions of euros in the second quarter, and it is expected that the product costs in the United States will increase by 200 million euros for the rest of this year. However, Adidas still maintained its initial full-year outlook, expecting that on a currency-neutral basis, the revenue of the Adidas brand will maintain a double-digit growth trend in 2025, and the operating profit will remain between 1.7 billion and 1.8 billion euros.