Adidas investigates a case of alleged bribery in China, according to Financial Times

Adidas investigates a case of alleged bribery in China, according to Financial Times
Adidas investigates a case of alleged bribery in China, according to Financial Times

Beijing, June 17 (EFE).- The sports brand Adidas is investigating an alleged case of large-scale bribery in China after several local employees accused managers of embezzling millions of euros, the Financial Times (FT) reported this Sunday. .

According to the newspaper, a senior Chinese executive and other employees were accused by other local workers of the brand in China in a letter spread – and later censored – on the Xiaohongshu social network.

According to FT, among the accused is a manager in charge of Adidas’ marketing budgets in China who allegedly defrauded 250 million euros ($267.5 million).

The newspaper points out that the German group received a letter on June 7 warning of “possible violations” in China.

Adidas earned 170 million euros in the first quarter of 2024. By geographic area, it recorded sales declines in North America (5%) and Japan and South Korea (2%), while growing in Europe (15%) , China (2%), emerging markets (6%) and Latin America (3%). EFE

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