The new chief executive of Adidas said the sportswear maker’s struggling Chinese business has turned a corner and that it was starting to bring its high level of inventory under control. The statement sent shares in the group to their highest level this year.
Bjørn Gulden, who Adidas poached from Puma in January, said on Friday that the company was noting “a positive trend” in China for the first time in two years. He added that sales to consumers at its retail partners in the country rose at double-digit rates in the first quarter.
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