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This move may come as a bit of a shock to industry folks considering that Rørsted renewed his contract in 2020 for five years. However, inflation, the ongoing COVID-19 pandemic and rising supply chain issues have erected a plethora of obstacles when it comes to boosting sales in the Asian markets — more specifically China — and he believes that it would be in the company’s best interest to appoint someone new and revamp its strategy. “After three challenging years that were marked by the economic consequences of the COVID-19 pandemic and geo-political tensions, it is now the right time to initiate a CEO transition and pave the way for a restart,” the company stated in its release announcing Rorsted’s leave.
The focus for the Three Stripes moving forward will be to accelerate its growth in all of its markets without any significant disruptions. You can full the brand’s full statement here.
For other footwear-related news, adidas’ adiFOM Q has surfaced in a new “Black/Orange” colorway.