As the inventory of clearance stock begins to dwindle, are there any lingering issues holding back Adidas? China has become the only regional market globally experiencing negative income growth. According to insiders, Adidas China is undergoing a major restructuring of its agent network and is focusing on building a loyal customer base through exclusive partners. At the time of writing, Adidas had not yet responded to requests for an interview. Recently, "genuine" Adidas products were seized in a legal case. The Paris Court renewed its ruling against eBay, which was sued by luxury brand Louis Vuitton for allowing counterfeit goods to be sold on its platform. The fine was reduced from 38.5 million to 5.7 million euros, and eBay expressed satisfaction with the outcome. However, even with the significant reduction, the amount remains substantial. A similar issue has occurred on Taobao, but more and more official brand stores have managed to avoid such risks. On August 17, Adidas officially launched on the Taobao Mall. According to Alipay data, within just three days of its launch, Adidas achieved daily sales exceeding 3 million yuan, becoming the top seller among similar brands on Taobao. However, for a global giant like Adidas, this is merely a strategic test. Traditional channels still dominate its sales efforts. According to Adidas' official plan, the total number of stores in China will reach 6,300 this year. This is just the visible part. Behind the scenes, a series of channel adjustments are underway. It is reported that Adidas is making significant changes to its distribution network, focusing on cultivating a loyal and exclusive team of agents. There is no sign that all channels are sharing the same challenges, nor are there issues at the brand or manufacturing level. Major channel operations have now become a priority. The semi-annual report published earlier this year showed that Adidas generated total revenue of EUR 5.59 billion for the first half of 2010, representing an 11% year-on-year increase. However, the Chinese market saw a reversal, with revenue declining by 16% year-on-year. In several quarterly reports from 2009, Adidas repeatedly mentioned the “inventory” issue. Industry observers believe that the chain reaction caused by this has directly impacted the channels, which require high levels of capital investment. Last year, several Adidas dealers, including Belle and Daphne, closed their stores one after another. As Liao Jierong, an apparel industry analyst, explained, “All agents face similar challenges. Only by quickly restocking can they ensure fast turnover and avoid inventory issues, which inevitably threaten their survival.” Finding a “good partner” has become a key focus. For years, investment banks have noted that domestic brand Anta has outperformed Li Ning in terms of growth. One reason is that Anta’s “light asset model” — relying on branding, R&D, and outsourcing — hasn’t completely taken hold. A portion of its production is still done in-house, and it relies solely on a dedicated agent network. It is reported that Reebok, a subsidiary of Adidas, has taken similar steps. In early 2010, Reebok signed an exclusive agreement with Baosheng, who established a dedicated team with a vertical structure to manage every stage of Reebok’s design, production, and sales. Industry sources estimate that Reebok’s current annual sales in China are below 1 billion yuan, which is comparable to domestic sports brands. Adidas is trying to address this gap, and clearly, in this process, it needs more “good partners.”

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