Annual Report 2023


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Three people running during the sunset (Photo)


Sales in Asia-Pacific improved 7% on a currency-neutral basis. In euro terms, sales in Asia-Pacific were up 1% to € 2,254 million from € 2,241 million in 2022. On a currency-neutral basis, this development was driven by high-single-digit growth in Performance, reflecting growth across all categories. Lifestyle revenues also grew at a high-single-digit rate, driven by strong double-digit growth in both Originals and Basketball.

Net sales in Asia-Pacific


€ 2,254 million

Asia-Pacific at a glance € in millions









Change (currency-neutral)

Net sales









Gross margin








Segmental operating profit








Segmental operating margin








Gross margin in Asia-Pacific increased 0.6 percentage points to 53.5% (2022: 52.9%), mainly driven by significantly better pricing, a more favorable business mix, and less discounting. At the same time, unfavorable currency developments and increased supply chain costs significantly weighed on the gross margin development. Operating expenses were up 4% to € 749 million versus € 721 million in 2022, driven by a high-single-digit increase in operating overheads. Operating expenses as a percentage of sales were up 1.1 percentage points to 33.2% (2022: 32.2%). Operating profit in Asia-Pacific decreased 3% to € 472 million from € 486 million in 2022. Operating margin was down 0.7 percentage points to 20.9% versus 21.7% in 2022, as the gross margin increase was more than offset by higher operating expenses as a percentage of sales.

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More about the Outlook
Lifestyle category
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.
Operating overhead expenses
Expenses that are not directly attributable to the products or services sold, such as distribution and selling as well as general and administration costs, but not including marketing and point-of-sale expenses.
Performance category
Under the ‘Performance’ category, we subsume all footwear, apparel, and ‘accessories and gear’ products that 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