Annual Report 2022


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Greater China

Sales in Greater China decreased 36% on a currency-neutral basis. In euro terms, sales in Greater China decreased 31% to € 3,179 million from € 4,597 million in 2021. The currency-neutral decrease was driven by double-digit decreases in all major Performance categories, except for Football with high-single-digit growth and Golf, which grew strong double-digits. Currency-neutral revenues also decreased at a double-digit rate in Lifestyle.

Net sales in Greater China



€ 3,179 million

Greater China at a glance € in millions1









Change (currency-neutral)

Net sales









Gross margin








Segmental operating profit








Segmental operating margin









Figures reflect continuing operations as a result of the reclassification of the Reebok business to discontinued operations.

Gross margin in Greater China decreased by 5.1 percentage points to 46.7% from 51.8% in 2021. The negative impact from inventory write-offs, significantly higher discounting and higher supply chain costs could not be offset by positive currency and pricing effects. Operating expenses were down 2% to € 1,169 million (2021: € 1,188 million), reflecting a double-digit decrease in marketing expenditure, while operating overhead expenses grew in the single-digits. Operating expenses as a percentage of sales increased 10.9 percentage points to 36.8% versus 25.8% in the prior year. Operating profit in Greater China decreased 73% to € 322 million versus € 1,194 million in 2021. Operating margin decreased 15.8 percentage points to 10.1% from 26.0% in 2021.

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More on Global Operations
Under the ‘Lifestyle’ category, we subsume all footwear, apparel, and ‘accessories and gear’ products that are born from sport and worn for style. ‘adidas Originals,’ which is inspired by sport and worn on the street, is at the heart of the ‘Lifestyle’ category.
Marketing expenditure
Expenditure that relates to point-of-sale and marketing investments. While point-of-sale investments include expenses for advertising and promotion initiatives at the point of sale as well as store fittings and furniture, marketing investments relate to sponsorship contracts with teams and individual athletes as well as to advertising, events and other communication activities. Marketing overhead expenses are not included in marketing expenditure.
Under the ‘Performance’ category, we subsume all footwear, apparel and ‘accessories and gear’ products which are of a more technical nature, built for sport and worn for sport. These are, among others, products from our most important sport categories: Football, Training, Running, and Outdoor.
This Group Management Report is a combined management report. It contains the Group Management Report of the adidas Group and the Management Report of adidas AG.
The Declaration on Corporate Governance is part of the Annual Report.
Declaration on Corporate Governance