Adidas targets Russian growth for 2011

DUSSELDORF: Adidas expects Russia to become its largest European market, thanks to double-digit expansion in both 2010 and 2011.

Hubert Hainer, Adidas ceo, also said the firm currently enjoys a Russian market share of 65-70% in its category among international brands.

The total value of 2010 Adidas sales in Russia is expected to exceed those in major western European markets, due both to growth of 10% and the strengthening ruble.

Hainer also said that the firm is not planning to make acquisitions a major part of its growth strategy going forward.

Instead, Adidas is planning to expand its products for runners by introducing new ultralight shoes and apparel.

The firm enjoyed a significant sales boost from 2010's soccer World Cup.

Adidas forecasts overall sales of $14.4bn (€10.8bn; £9.2bn) for 2010.

But Hainer claimed the lack of a major sporting event next year would not lead to falling revenues or earnings.

"I don't see anything, honestly, that should hinder us from growing in 2011 and the years ahead," he said.

Data sourced from Bloomberg; additional content by Warc staff, 23 September 2010

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