Major corporations are playing a charade at “withdrawing” from Russia, only to rebrand and carry on. German sports brand Adidas is said to be restructuring its business in Russia in order to relaunch 100 of its most profitable stores. Just a reminder that Germany is currently sending tanks to Ukraine.
Last year, Adidas admitted that it lost more than €100 million in the third quarter alone, partly due to the suspension of business in Russia, which accounted for 3% of global sales prior to the conflict in Ukraine. Now the company plans to reopen stores by transferring business in Russia to an alternative foreign investor.
Who is this fooling?
Last year Reebok did something similar and relaunched under a brand called Sneaker Box.