adidas CEO Announces Store Closures
Team Trefoil is backing the digital age. In an interview with Financial Times adidas CEO Kasper Rorsted announced that the company would be shutting brick-and-mortar stores in efforts to double down on e-commerce efforts.
‘Our website is the most important store we have in the world,’ says Rorsted. ‘Over time we will have fewer stores but they will be better.’
Exactly how many stores will be packed in — and how many employees will lose their jobs — isn’t clear. However, Business of fashion reports that stores will only ‘contract slightly’.
Though the move is in line with adidas’ wish to double e-commerce revenue to nearly five billion USD in 2020, it directly contradicts 2017 reports that they were looking to open 2000 new stores in China the same year. As with any new sneaker-related info, we won’t know for sure what’s happening until we see it on, or off, shelves.