Finance Notes: Adidas Reports Strong First Quarter Results In Greater China

Adidas reported "strong first quarter results in Greater China with sales increasing 30% on a currency-neutral basis." The year-on-year growth was driven by the adidas and Reebok brands and is "in line with estimates" based on the brands' "ongoing upward trend in the China market." The adidas brand experienced double-digit growth in sales, up 31%, for key performance and lifestyle brands, while Reebok brand revenues also increased by 19% (THE DRUM, 5/8).

The Sannella family purchased newly-promoted Italian football club Foggia. Sannella Holdings, which previously owned 50% of the Serie C side, bought the remaining shares from Massimo Curci, who will now serve as Foggia's VP. The money generated from the sale of the shares will be "directly invested into the club" (SOCCEREX, 5/8).