This article was last updated on June 17, 2024
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Adidas investigates kickback affair at Chinese branch
The German sports brand Adidas is investigating a major bribery case in China. Sources report this to the Financial Times. High-level managers of Adidas in China are said to have accepted millions of euros.
According to the newspaper, the matter came to light through an anonymous letter that employees of the Chinese branch sent to Adidas. According to sources, these employees are well aware of highly sensitive and confidential internal issues.
Cash and real estate
The fraud allegedly involved a top manager of the marketing department in China. A manager at another Adidas division in China is also said to have accepted large sums of cash and real estate from suppliers.
Adidas confirmed to the Financial Times that it received a letter on June 7 and that it is investigating together with external legal advisors. According to insiders, no one has been suspended so far.
Strong growth in China
China is an important market for the world’s second largest sports brand. Adidas has had a difficult time in China in recent years. This was mainly due to the long-term corona lockdowns. Before the corona period, China was the fastest growing and a very profitable market for Adidas. The sports brand expects a revival and significant sales growth this year.
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