Core Viewpoint - Adidas faces significant challenges in managing carbon emissions, as 80% of its emissions come from suppliers, necessitating collaboration beyond traditional supplier relationships [1] Group 1: Sustainability Initiatives - Adidas is focusing on full value chain management to address carbon emissions, requiring suppliers to be partners in the decarbonization effort [1] - The company is replacing traditional cotton materials with recycled polyester fibers, which significantly reduce water consumption, chemical pollution, greenhouse gas emissions, and microplastic release compared to cotton products [1]

Core Insights - The core viewpoint of the article emphasizes that localization for international brands in China has shifted from being an option to a necessity for survival, as demonstrated by Adidas's successful localization strategy that focuses on talent incubation and cultural integration [1][3]. Group 1: Adidas Localization Practices - Adidas's localization is not merely about product modification but involves deep "creative localization" and "talent localization," along with channel adjustments and product innovation to reverse market decline [3]. - The core strategy focuses on "talent" and "culture" to activate local dynamics, with the A.C.E. (ADIDAS CREATOR EXPERIENCE) project serving as a key initiative to build competitiveness through talent and cultural integration [3][4]. - Talent incubation involves creating a closed-loop system for practical experience and retention, allowing young Chinese designers to participate in real product development, which aligns designs with local consumer needs [3][4]. Group 2: Cultural Integration - Cultural integration is about embedding local elements into products, making them the "soul" of the offerings rather than superficial decorations, as seen in various product designs that reflect Chinese culture and sports spirit [4][6]. - The integration of local culture into product functionality and design logic has led to successful products that resonate with consumers, such as the "Wuxia-style fencing shoes" that combine cultural themes with athletic performance [4][6]. Group 3: Market Adaptation and Performance - Adidas has optimized its channel strategy by closing underperforming stores in major cities while expanding in lower-tier cities, resulting in a 14% growth in wholesale channels and an 11% increase in DTC channels in 2024 [6]. - The proportion of locally designed products has exceeded 80%, with significant revenue growth in non-YEEZY product lines, indicating the commercial value of local design [6]. - In 2024, Adidas's Greater China revenue reached €3.46 billion, a 10.3% year-on-year increase, with Q4 revenue growing by 16.1%, showcasing a rebound in performance and improved brand perception [6]. Group 4: Lessons and Strategic Insights - The experience of Adidas provides three key takeaways for both international and local brands: the importance of local talent, the need for genuine cultural integration, and the commitment to long-term strategies rather than short-term tactics [7][8]. - Brands should focus on local creative talent to ensure products meet market demands, moving beyond superficial localization efforts that fail to resonate with consumers [9][10]. - Long-term investment in local talent and culture is essential for building a stable market presence and consumer trust, as demonstrated by Adidas's 20 years of commitment to the Chinese market [12][13].

Core Points - Adidas faces controversy over its new shoe "Oaxaca Slip-On," which is accused of cultural appropriation of traditional Mexican huarache sandals, leading to strong criticism from Mexican politicians [2] - The company has issued an apology, acknowledging the cultural significance of the Mexican indigenous community and the craftsmanship involved [2] - The shoe was developed in collaboration with Mexican designer Willy Chavarría, who also apologized for the unauthorized use of cultural elements [2] Financial Performance - Footwear contributes over half of Adidas's revenue in 2024, aiding the company in returning to profitability [3] - Adidas experienced a decline in net profit from 2021 to 2023, with 2023 marking its first loss since 1992 [4] - Key drivers for revenue growth in footwear include soccer shoes, running shoes, and the resurgence of classic models like Samba, which saw a 300% increase in sales [4] Recent Financial Results - In Q2 2025, Adidas reported global revenue of €5.952 billion, a 2.2% year-on-year increase, with net profit rising by 94.6% to €369 million [5] - Footwear revenue grew by 9%, with the ADIZERO 0 series running business increasing by over 25% [5] Impact of Tariffs - Adidas's CEO, Gulden, indicated that the company faced tens of millions of euros in impact from tariffs in Q2, with an expected increase in product costs of €200 million in the U.S. [6] - The company does not plan to pass on increased costs to other markets [6] Cultural Appropriation Context - The controversy surrounding cultural appropriation differs from simple plagiarism, as it involves unclear boundaries of original IP and adjustments made to distinguish from the original [7] - Experts suggest that brands should communicate with original IP holders before using cultural elements to avoid potential infringement [8]

Core Viewpoint - Adidas faces significant backlash in Mexico for its new shoe "Oaxaca Slip-On," which is accused of plagiarizing traditional Mexican huarache sandals, leading to allegations of cultural appropriation [1][3] Group 1: Product Details - The "Oaxaca Slip-On" was developed in collaboration with designer Chavarria, featuring woven leather and a thick rubber sole, closely resembling traditional sandals made by Zapotec artisans in Oaxaca [3] - The shoe's design has sparked controversy, with Mexican President Sinbloom and other officials accusing Adidas of stealing the creativity of indigenous communities [3] Group 2: Legal and Cultural Implications - The Oaxaca state government has initiated negotiations, and Mexico is considering legal action against Adidas for the alleged cultural appropriation [3] - Adidas issued an apology, expressing respect for the cultural heritage of Mexican indigenous communities and a willingness to engage in dialogue with local groups [3] - Designer Chavarria also apologized for the unauthorized use of cultural elements [3] - Mexico has enacted laws imposing heavy fines and imprisonment for unauthorized use of indigenous cultural expressions [3]

Core Insights - The rise of pet apparel is driven by the increasing trend of pets being viewed as family members, leading to a significant market opportunity in the "pet economy" [1][4] - Major sports brands like Adidas and Nike are entering the pet apparel market to attract younger consumers who prioritize fashion and individuality [1][4][20] Company Performance - Adidas reported a global revenue of €6 billion in Q2 2025, a 12% year-on-year increase, with operating profit rising by 58% to €546 million [2] - The overall revenue for the first half of 2025 reached €12.105 billion, reflecting a 14% growth, while operating profit surged by 70% to €1.2 billion [2] Market Trends - The pet consumption market in urban China is projected to exceed ¥300 billion in 2024, with the emotional consumption market expected to surpass ¥2 trillion [4] - Young pet owners, particularly those born in the 1990s and 2000s, are becoming the primary consumers in the pet market, with 41.2% and 25.6% ownership rates respectively [4] Product Strategy - Adidas and Nike are focusing on stylish and customizable pet apparel, such as matching outfits for pets and their owners, to cater to the demand for personalization among young consumers [9][20] - The brands are also emphasizing design and fashion in their pet products, aiming to create social currency among pet owners [9][20] Consumer Feedback - Initial consumer reactions to Adidas' pet apparel have been mixed, with some praising the aesthetics while others criticize the sizing limitations and material choices [10][11] - Concerns have been raised regarding the practicality of the products, with some consumers questioning the necessity of certain apparel for pets [17][18] Future Directions - The pet apparel industry is still in its early stages, and brands need to focus on product quality, size diversity, and intelligent design to capture more market share [21] - There is a growing demand for outdoor pet apparel as outdoor activities become more popular, indicating a potential growth area for brands [19][20]

Core Viewpoint - Adidas faces significant backlash over the design of the "Oaxaca Slip-On" shoe, which allegedly appropriates cultural elements from the traditional Mexican "huarache" sandals without authorization [1][2] Group 1: Controversy and Response - The "Oaxaca Slip-On" shoe, designed in collaboration with Mexican designer Willy Chavarría, sparked controversy for its resemblance to traditional "huarache" sandals, leading to accusations of cultural appropriation [1] - Mexican President Claudia Sheinbaum publicly criticized Adidas, accusing the company of "stealing the creativity of indigenous communities" and disregarding indigenous intellectual property [1] - In response to public pressure, Adidas issued a statement acknowledging the design's inspiration from Oaxaca's traditional craftsmanship and apologized for the lack of authorization [2] Group 2: Legal and Cultural Implications - The Mexican government has initiated negotiations with Adidas for compensation to the indigenous community and is prepared to take legal action due to the unauthorized use of cultural elements [1][2] - Mexico has strict laws protecting indigenous culture, with high fines and imprisonment for unauthorized use of indigenous cultural expressions [2] - The designer Willy Chavarría also issued a bilingual apology, admitting the design's unauthorized appropriation and emphasizing the intention to honor Oaxaca's culture [2]

Group 1 - Adidas recently faced backlash in Mexico over its new shoe "Oaxaca Slip-On," which is accused of copying the traditional "huarache" sandals of indigenous communities [1][2] - Mexican President López Obrador and other officials publicly criticized Adidas, claiming the company "stole the creativity of indigenous communities" and demanded compensation for the affected communities [1] - The controversy highlights a broader issue in the fashion industry regarding cultural appropriation, as brands often draw inspiration from diverse cultures without a deep understanding of their origins [3] Group 2 - Adidas acknowledged the cultural significance of the indigenous communities and expressed a commitment to engage in dialogue and collaboration with them [2] - The "Oaxaca Slip-On" was designed in collaboration with Mexican designer Willy Chavarría, featuring a woven leather upper and thick rubber sole, closely resembling traditional "huarache" sandals [2] - In its latest financial report, Adidas reported a revenue of €12.105 billion for the first half of 2025, a 14% year-on-year increase, with a notable performance in the Greater China region, achieving €1.827 billion in revenue, up 13% [3]

【环球网报道 记者 索炎琦】据美国有线电视新闻网（CNN）、《纽约时报》等媒体11日报道，德国体育用品制造商阿迪 达斯近日发布的一款新鞋"Oaxaca Slip-On"，因其设计涉嫌抄袭墨西哥原住民手工凉鞋"huarache"，在墨国内引发轩然大 波。墨西哥总统辛鲍姆等政界人士指控阿迪达斯涉嫌"文化挪用"并要求赔偿。目前，阿迪达斯及该款鞋设计师查瓦里亚已 就此事道歉。 对于新鞋设计在墨引发的争议，阿迪达斯发布致歉声明，称该公司"承认并重视墨西哥原住民社区的文化底蕴及其手工艺 遗产的意义"。声明称，"Oaxaca Slip-On"的设计灵感源自瓦哈卡州的一种设计，阿迪达斯对此公开道歉，并重申其致力于 与墨西哥当地社区合作，以尊重他们文化遗产的方式进行对话。 此外，报道称，这款新鞋的设计师查瓦里亚的父亲是墨西哥裔美国人，母亲是爱尔兰裔美国人。上周六（8日），他用英 语和西班牙语发表了道歉信，收件人是"瓦哈卡人民"。信中，他表示，他对于这双鞋的设计未经授权挪用瓦哈卡文化元 素，且未与当地原住民社群建立深度协作深表歉意。查瓦里亚补充称，他原意是向瓦哈卡州及其社区的文化和艺术致敬。 《纽约时报》说，就在这款鞋于上周发布 ...

【环球网报道 记者 索炎琦】据美国有线电视新闻网（CNN）、《纽约时报》等媒体11日报道，德国体育用品制造商阿迪 达斯近日发布的一款新鞋"Oaxaca Slip-On"，因其设计涉嫌抄袭墨西哥原住民手工凉鞋"huarache"，在墨国内引发轩然大 波。墨西哥总统辛鲍姆等政界人士指控阿迪达斯涉嫌"文化挪用"并要求赔偿。目前，阿迪达斯及该款鞋设计师查瓦里亚已 就此事道歉。 对于新鞋设计在墨引发的争议，阿迪达斯发布致歉声明，称该公司"承认并重视墨西哥原住民社区的文化底蕴及其手工艺 遗产的意义"。声明称，"Oaxaca Slip-On"的设计灵感源自瓦哈卡州的一种设计，阿迪达斯对此公开道歉，并重申其致力于 与墨西哥当地社区合作，以尊重他们文化遗产的方式进行对话。 此外，报道称，这款新鞋的设计师查瓦里亚的父亲是墨西哥裔美国人，母亲是爱尔兰裔美国人。上周六（8日），他用英 语和西班牙语发表了道歉信，收件人是"瓦哈卡人民"。信中，他表示，他对于这双鞋的设计未经授权挪用瓦哈卡文化元 素，且未与当地原住民社群建立深度协作深表歉意。查瓦里亚补充称，他原意是向瓦哈卡州及其社区的文化和艺术致敬。 《纽约时报》说，就在这款鞋于上周发布 ...

Investment Rating - The industry investment rating is "Positive" [2][54] Core Viewpoints - Adidas reported its Q2 and H1 2025 financial results, with brand revenue of €5.952 billion, a year-on-year increase of 2.2%, and a 12% increase when adjusted for currency (excluding Yeezy) [3][11] - Operating profit reached €546 million, up 58% year-on-year, while net profit attributable to shareholders was €369 million, reflecting a 94.6% increase [3][11] - In the Greater China region, revenue reached €798 million, a year-on-year growth of 11%, marking nine consecutive quarters of growth [3][11] - The ending inventory was €5.26 billion, a 16% increase year-on-year, indicating a healthy inventory level in line with revenue growth [3][11] - It is anticipated that product costs in the U.S. will increase by €200 million in the second half of the year due to tariff impacts, but prices in other markets will remain unaffected [3][11] Market Performance - The textile and apparel industry declined by 2.14%, while light industry manufacturing fell by 1.59% during the week [5][13] - The Shanghai Composite Index decreased by 0.94%, and the Shenzhen Component Index fell by 1.58% [5][13] - The top five performing companies in the textile and apparel sector included Anzheng Fashion (+29.43%) and Jinchun Co. (+18.56%) [15][22] Industry Overview - The textile and apparel industry consists of 263 listed companies, with a total market value of ¥1,651.138 billion and a circulating market value of ¥1,468.415 billion [6] - The average price-to-earnings ratio for the industry is 50.64 [6]