Adidas shares plunge after hike in World Cup marketing spend
Adidas shares fell more than 15% in early trading after the German sportswear giant missed second-quarter profit expectations, despite a 14% revenue increase to £5.7bn. The profit miss was attributed to a £180m marketing spend, largely driven by campaigns for the FIFA World Cup hosted by the US, Canada, and Mexico. The high-profile World Cup advert featured celebrities including Timothée Chalamet, Lionel Messi, and Bad Bunny. Adidas maintained its full-year operating profit target of £2bn. The share price drop, reaching 17% to €151.20, challenges CEO Bjørn Gulden’s goal of closing the gap with rival Nike. The company cited growth in running and football sectors, and noted strong kit deals with Manchester United and Real Madrid. Adidas also announced Birgit Kretschmer will replace Harm Ohlmeyer as CFO at year-end.
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