Greater China
Sales for the adidas brand in Greater China increased 13% on a currency-neutral basis. This development reflects double-digit growth in both Lifestyle and Performance. In Lifestyle, both Originals and Sportswear grew at a double-digit rate. Increases in Performance were driven by double-digit growth in Running and Football, alongside gains in a broad range of other categories. Including Yeezy sales in the prior year, currency-neutral revenues grew by 9%. In euro terms, sales increased 5% to € 3,623 million as currency translation effects weighed on reported revenue growth (2024: € 3,459 million).
Net sales in Greater China
+13%
Brand adidas c.n.
€ 3,623 million
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|
2025 |
|
2024 |
|
Change |
|
Change |
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Brand adidas Change (currency-neutral)1 |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net sales |
|
3,623 |
|
3,459 |
|
5% |
|
9% |
|
13% |
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Gross profit |
|
1,904 |
|
1,717 |
|
11% |
|
— |
|
— |
||||
Gross margin |
|
52.6% |
|
49.6% |
|
2.9pp |
|
— |
|
— |
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Operating expenses |
|
1,103 |
|
1,012 |
|
9% |
|
— |
|
— |
||||
Operating expenses |
|
30.5% |
|
29.3% |
|
1.2pp |
|
— |
|
— |
||||
Operating profit |
|
802 |
|
714 |
|
12% |
|
— |
|
— |
||||
Operating margin |
|
22.1% |
|
20.6% |
|
1.5pp |
|
— |
|
— |
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|
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Gross margin in Greater China improved by 2.9 percentage points to 52.6% from 49.6% in 2024, reflecting reduced discounting, lower sourcing costs, and a better business mix. Operating expenses grew 9% to € 1,103 million (2024: € 1,012 million) due to increases in both marketing expenditure and operating overhead costs. Operating expenses as a percentage of sales increased 1.2 percentage points to 30.5% compared to 29.3% in the prior year. Operating profit in Greater China increased 12% to € 802 million versus € 714 million in 2024, while the operating margin improved 1.5 percentage points to 22.1% from 20.6% in 2024.
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