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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).