Annual Report 2023


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Greater China

Sales in Greater China increased 8% on a currency-neutral basis. In euro terms, sales were flat at € 3,190 million (2022: € 3,179 million). The currency-neutral increase was due to double-digit growth in Performance, reflecting strong growth in all categories. Currency-neutral revenues in Lifestyle increased at a mid-single-digit rate. Strong double-digit growth in Originals and Sportswear was partly offset by the significantly lower Yeezy business.

Net sales in Greater China


€ 3,190 million

Greater China at a glance € in millions









Change (currency-neutral)

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Gross margin








Segmental operating profit








Segmental operating margin








Gross margin in Greater China improved by 2.0 percentage points to 48.7% from 46.7% in 2022. The significant negative impact from increased supply chain costs was more than offset by less discounting, favorable currency developments, as well as lower inventory write-offs. Operating expenses were down 14% to € 1,002 million (2022: € 1,169 million), mainly driven by a double-digit decrease in operating overheads. Operating expenses as a percentage of sales decreased 5.4 percentage points to 31.4% versus 36.8% in the prior year. Operating profit in Greater China increased 72% to € 553 million versus € 322 million in 2022. As a result of the higher gross margin and lower operating expenses as a percentage of sales, operating margin improved 7.2 percentage points to 17.3% from 10.1% in 2022.

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More on Global Operations
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