Adidas expects to grow 15% to 20% annually in China over the next five years and exceed €1 billion, or $1.36 billion at today’s exchange rates, in revenue this year, according to comments by Adidas Chief Executive Officer Herbert Hainer in an interview on German television. He expects the company overall to see significant growth this year following a strong 2010.
“We have a very good 2010 behind us — we have developed enormously well,” Hainer told Deutsches Anleger Fernsehen, according to Reuters. “And we will continue to grow in 2011.”
Late last year, Hainer had said that he expects Adidas to grow faster worldwide than its rival Nike.
“We are lucky, that we have the women's soccer world cup and many other sport events on top of that (in 2011),” he added.
He did express concerns about rising input costs.
“No matter if you take cotton, polyester or rubber — we have to fight (with rising prices),” Hainer said.
Adidas also plans to continue to operate in Egypt although some of its stores have been plundered by the unrest in that country. The German company created a subsidiary in Egypt three years ago.