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☆ Two Adidas employees out in China corruption probe
▼ + stars: | 2024-06-26 | by ( Juliana Liu | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Two employees have left Adidas as a result of an ongoing investigation by the German sportswear brand into allegations of corruption in China. Chinese state media outlet Economic View reported Wednesday that both former employees had worked in marketing for Adidas China. The allegations against Adidas executives were contained in an unsigned letter from people calling themselves employees of Adidas China. Greater China — a region that encompasses mainland China, Hong Kong and Taiwan — accounts for 15% of the company’s sales. In mainland China, Adidas is the second-largest international sportswear brand behind Nike (NKE).

Persons: ” Claudia Lange, “, ”, Jiemian, Lange, Yang Mi, Yi, Fred Organizations: Hong Kong CNN —, Adidas, “, Adidas China, CNN, Nike Locations: China, Hong Kong, Taiwan, Beijing

☆ Adidas is investigating allegations of embezzlement and kickbacks in China
▼ + stars: | 2024-06-17 | by ( Laura He | Wayne Chang | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Adidas says it has started an investigation into allegations of “compliance violations” in China, a key market for its sportswear. The reported complaint alleged that a senior executive in Greater China who manages Adidas’ marketing budget had embezzled millions of euros and taken huge kickbacks from external advertising and celebrity agencies. Greater China — a region that encompasses mainland China, Hong Kong and Taiwan — contributes 15% of the company’s sales. In mainland China, Adidas is the second largest international sportswear brand behind Nike (NKE). Adidas is well known for playing the “celebrity” card in its marketing in China.

Persons: Hong Kong CNN —, Jiemian, Claudia Lange, ”, Lange, ’, Taiwan —, —, Yang Mi, Yi Yangqianxi Organizations: Hong Kong CNN, Hong Kong CNN — Adidas, Adidas China, CNN, Adidas, Nike Locations: China, Hong Kong, Taiwan, Beijing, Xinjiang

☆ Adidas investigates bribery allegations in China, FT says
▼ + stars: | 2024-06-16 | by ( ) www.cnbc.com time to read: +1 min

Adidas has launched an investigation into allegations of large-scale bribery in China after the company received a whistleblower complaint that accused senior staff of embezzling "millions of euros", the Financial Times reported on Sunday. Adidas confirmed that it had received an anonymous letter on June 7 indicating potential compliance violations in China. The German sportswear company said it was investigating this matter together with external legal counsel. According to the FT, the letter alleges that Adidas staff received kickbacks from external service providers who were commissioned by the company that include "millions in cash from suppliers, and physical items such as real estate". China sales of the German sportswear giant grew by 8% in the first-quarter, the company reported earlier.

Organizations: Adidas, Financial Times Locations: China, Adidas China, German

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