Adidas CEO doubles down on ecommerce as 70% of its global stores remain closed

REUTERS/Kai Pfaffenbach

• Adidas is making a strategic shift to focus on its digital platform as more than 70% of its global store base remains closed during the coronavirus pandemic.
• The company said financial flexibility is key to its agenda and it would reallocate resources to "ecommerce, IT, and additional set-up."
• Adidas reported a 19% sales drop in the first quarter and warned of a further 40% sales decline during the second quarter of 2020. 
• It said it plans to reopen global stores sequentially throughout May and June, and in the US by mid-May. Currently, 20 of its stores remain open in Europe.
• Visit Business Insider's homepage for more stories.

German sportswear giant Adidas plans to ramp up its digital presence as more than 70% of its global store base remains shut during the coronavirus pandemic.

The German sportswear titan posted a 19% decline in net sales to 4.7 billion euros ($5 billion) for the first quarter of the year on Monday after the coronavirus outbreak bought sales to a near standstill in some parts of the world. 

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