Adidas investigates kickback affair at Chinese branch

Adidas

This article was last updated on June 17, 2024

Canada: Free $30 Oye! Times readers Get FREE $30 to spend on Amazon, Walmart…
USA: Free $30 Oye! Times readers Get FREE $30 to spend on Amazon, Walmart…

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.

Share with friends
You can publish this article on your website as long as you provide a link back to this page.

Be the first to comment

Leave a Reply

Your email address will not be published.


*