Russia’s historic love affair with German sports brand Adidas has taken a turn for the worse as the RBC news agency reports that the comapny plans to close around 160 outlets in Russia this year.
The announcement comes in light of a continuing reduction in sales, which CEO Kasper Rørsted has suggested is related to western sanctions imposed on Russia, as well as the low price of oil, Russia’s main export.
Mr Rørsted told RBC: “We have already closed more than 100 stores [this year] and will close another 50 by the end of the year.” As of March this year, Adidas still had 840 outlets, despite the gradual closure of stores across the country.
One of the first global brands to become well known behind the Iron Curtain, Adidas took on a cult status within the Soviet Union and continued to grow in popularity after the breakup of the USSR. From the original blue trainer with three white stripes to Gosha Rubchinsky’s collaboration with the brand ahead of the FIFA World Cup in 2018, Adidas has been an integral source of inspiration within the world of Russian fashion.
It remains to be seen whether this love story between Russia and its sportswear muse will continue to decline, but as we have all come to learn, “the course of true love never did run smooth”.
Source: Moscow Times