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New Adidas CEO Plans Fast-Fashion Focus to Catch Up to Nike

  • Shares surge as German sportswear maker lifts profit forecast
  • Hockey, golf out of picture as Rorsted sees a Tubular future
Bloomberg business news

Adidas CEO Says Well Positioned for Global Brand Battle

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Adidas AG’s new chief executive officer is doubling down on surging sales of casual sneaker lines like Stan Smith and Tubular to transform the German sportswear maker into a fast-fashion business and gain ground on larger rival Nike Inc.

Sales of so-called lifestyle products from the Originals, Neo and Y3 lines rose 45 percent in 2016, more than triple the pace of performance sports gear, the company said Wednesday. CEO Kasper Rorsted said focusing on fast-fashion and stripping away non-core businesses like golf and hockey will increase profit more than expected, lifting the shares to a record.