
UND and adidas partner on major apparel deal
CEO warns on tariffs despite strong H1 results.
11th August 2025
Knitting Industry
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Herzogenaurach, Germany
Adidas has reported a strong first-half performance in 2025 but CEO Bjørn Gulden has urged caution, citing global uncertainty and the potential impact of US tariffs.
For the six months to 30 June, sales rose to €12.1 billion, up 7.3% from €11.3 billion a year earlier. Operating profit jumped nearly 70% from €682 million to close to €1.2 billion.
“The year has started great for us and normally we would now be very bullish in our outlook for the full year,” Gulden said. “We feel, however, that the volatility and uncertainty in the world does not make this prudent. We still do not know what the final tariffs in the US will be and we have already had a negative impact in the double-digit euro millions in the second quarter. The latest indications of tariffs will directly increase the cost of our products for the US by up to €200 million during the rest of the year.
“We also do not know what the indirect impact on consumer demand will be should all these tariffs cause major inflation. I have seen that many companies have either removed their outlook fully or reduced it dramatically. We have decided to stay with our initial outlook for the full year and a guidance for an operating profit of between €1.7-1.8 billion. We currently feel confident to deliver it, but of course this might change – it may even be better should headwinds be less than we currently assume.”
On a currency-neutral basis, footwear revenues for the Adidas brand increased 16% in the first half, driven by strong double-digit growth in Originals, Sportswear, Running, Training and Performance Basketball categories. Apparel sales grew 12%, led by double-digit gains in Originals, Sportswear, Running, Training and Outdoor. Accessories were up 8%.
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