Adidas and Puma sales breakdown in China during coronavirus outbreak
Coronavirus is not only threatening our lives but businesses as well. According to a report, Puma and Adidas have reported a downfall in sales in China due to coronavirus breakdown and its spread. Even Adidas claimed that its first-quarter would be down by as much as €1bn (£870m) in Greater China and approximately €100m in Japan.
On the other hand, the German sportswear companies rely their almost a 3rd portion sales in Asia and also rely on factories in Greater China and Japan to make T-shirts.
Puma has just withdrawn all financial guidance to investors because it does going to tell the negative effect of the virus on profit and sales.
The situation has got terrible in China, and the negative impact can easily be felt in various Asian countries and now also spread to the US and Europe. But it is really not now when everything will be settled.
Various sporting and other recreational events around the world have been canceled now, or some postponed, with lots of questions being raised about when everything will be normalized—even the forthcoming Olympic Games in Japan and the Euro 2020 football championship. The chief executive, Kasper Rorsted, said, if both these big events were adjourned, it would mean a €70m hit to sales.
Even the shares in Puma and Adidas also have fallen badly. Not this, but Nike also warned in February for the impact of coronavirus.
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