Adidas Is on Offense as a Leading Multinational and Multichannel Sportswear Brand

We think Adidas is a leader in sports and athleisure apparel with a narrow moat based on an intangible brand asset. While it has been beset with problems over the past few years, we think its recovery is occurring faster than expected. For example, the company’s original guidance was for mid-single-digit sales growth and operating profit of EUR 500 million in 2024, but its actual results were 12% currency-neutral sales growth and operating profit of EUR 1.3 billion.