JBL Signs Trail Blazers' Damian Lillard Red Bull Rolls Out Kris Bryant Promo Kvitova Signs Watch Deal With Ritmo Mundo Marketplace Roundup Boston Marathon Sponsor Cautious In Marketing Grizzlies, Memphis Airport Reach Three-Year Deal Alvarez: Wisconsin Could Leave Adidas Adidas Apologizes For Obscene MSU Warmup Cheaper, Casual Sneakers Gaining Popularity Nike Close To Taking Over NBA Apparel Rights
Upcoming Conferences and Events
SBD/December 4, 2013/Marketing and Sponsorship
Adidas Unveils Brazuca Ball For '14 World Cup, Emphasizes Fix In '10 Design Flaws
Published December 4, 2013
BUMPS IN THE ROAD: The FINANCIAL TIMES' Alice Ross notes adidas Chair & CEO Herbert Hainer admitted that the company has "made mistakes and not performed as well as senior executives had hoped." Hainer yesterday said that the environment "'had served up a constant stream of challenges,' including cost pressures, currency swings and a 'persistently weaker' European market." Ross notes adidas is "midway through a five-year plan with the aim of increasing sales" to US$23.1B and "achieving an operating profit margin" of 11% by '15. Hainer said, "After three years, we are not where we thought we would be in terms of the numbers. And to be fair and frank, we have also made a few mistakes.” He added that adidas had "suffered 'bad luck' with injuries among some of the top athletes it sponsors," including Bulls G Derrick Rose. Hainer said that the company "expected to improve its operating margin by about 1 per cent and increase revenues 'at a high single-digit rate' in currency neutral terms" (FINANCIAL TIMES, 12/4).