BERLIN: German sportswear company Adidas shrugged off Chinese calls in March for a boycott of its products and raised its 2021 sales forecast on Friday, saying it expects upcoming sporting events to drive strong demand for new products. Adidas said it now sees sales growing at a high-teens percentage rate in 2021, compared with a March forecast for mid-to-high teens growth, with a jump of around 50% expected in the second quarter.
It said the acceleration would be driven by new products such as Ultraboost running shoes that are designed to be recycled, as well as big sports events like the European soccer championship and the Copa America.
Shares in Adidas, which had fallen in recent weeks on concerns about sales in China, were up 7% at 0728 GMT, the biggest gain on the German blue-chip index. Shares in rival Puma were also up 1.8%. – PNP
