© Reuters. FILE PHOTO: People walk past an Adidas store in a shopping district following an outbreak of the coronavirus disease (COVID-19) in Beijing, China, April 5, 2021. REUTERS/Thomas Peter
SHANGHAI (Reuters) – Adidas (OTC:) has replaced its China chief, it said on Tuesday, as the German sportwear brand looks to revive sales in the world’s second largest economy.
The company has appointed Adrian Siu to take over from Jason Thomas, who became Adidas Greater China’s managing director in 2019, it said.
Siu has held multiple roles with Adidas in Hong Kong and Shanghai and also served as the chief executive of Chinese fashion label Cosmo Lady. Thomas will assume the role of senior vice president, global franchise, Adidas added.
The company did not give a reason for the change, but said it would provide more details on its business during its full-year earnings conference on Wednesday.
In the third quarter, Adidas saw Greater China sales fall 15%, and the company has launched an action plan to try to revive its fortunes in the country.
Its Greater China business has been hit by pandemic restrictions and was targeted during a boycott of Western brands by Chinese consumers who criticised companies for saying they would not source cotton from Xinjiang after reports of human rights abuses against Uyghur Muslims there.
Beijing denies any abuses.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Get more stuff like this
Subscribe to our mailing list and get interesting stuff and updates to your email inbox.
Thank you for subscribing.
Something went wrong.