![Adidas shares slide following China corruption claims](https://www.portugalcolonial.pt/media/shared/articles/97/8d/16/Adidas-shares-slide-following-China-045416.jpg)
-
Jamaica's De Cordova-Reid joins Leicester from Fulham
-
Wolves' Kilman reunites with Lopetegui at West Ham
-
Schmidt reign off to winning start as Australia beat Wales 25-16
-
Russian wrestlers reject Olympics invitation
-
Raducanu rediscovers Wimbledon 'fun' factor after turbulent spell
-
Winning all that matters at Euro 2024 for Mbappe's minimalist France
-
Eight dead, two million affected by Bangladesh floods
-
Robertson pleased to 'find a way' past England in tough Test baptism
-
Martin sets lap record to secure German MotoGP pole
-
'Shattered' Germany set sights on World Cup after Euros exit
-
Olympic hope Pedersen pulls out of Tour de France
-
Djokovic eyes sweet 16 at Wimbledon as Swiatek takes on 'gangster'
-
End beckons again for Ronaldo after Portugal Euros KO
-
New Zealand edge England 16-15 in tense, brutal first Test
-
Turkey take on Dutch in politically charged Euros quarter-final, England face Swiss
-
Calling for better ties with West, Iran reformist wins presidency
-
Cybercrime groups restructuring after major takedowns: experts
-
Activists hail Sierra Leone child marriage ban, urge action on FGM
-
Marsch relishing Canada's semi clash with Argentina
-
Canada stun Venezuela on penalties to reach Copa semis
-
Iran reformist Pezeshkian holds early lead in runoff vote
-
Swiatek faces 'gangster' threat, Djokovic feels need for Wimbledon speed
-
France holds its breath ahead of uncertain vote
-
Starmer begins UK 'rebuild' after landslide election win
-
Paris's Moulin Rouge inaugurates new windmill sails ahead of Olympics
-
Pan, Rai share halfway lead in PGA John Deere Classic
-
'I was feeling terrible' in debate, Biden says in TV interview
-
France coach Deschamps savours ending penalty hoodoo, defends Mbappe
-
Thompson bids farewell to Warriors after exit
-
Portugal exit Euros with pride, will return stronger: Martinez
-
UK's new PM Starmer speaks to world leaders, names top team
-
Spain and France to face off in Euros last four, Turkey lament 'unfair' Demiral ban
-
Israel says negotiators to hold fresh Gaza truce talks next week
-
France beat Portugal on penalties to reach Euro 2024 semi-finals
-
Endrick to start for Brazil in Uruguay Copa clash: Dorival
-
Heartbreak for Germany fans after dramatic Euros exit
-
Beryl heads for Texas after causing damage, no deaths in Mexico
-
Nagelsmann laments late penalty decision as hosts Germany exit Euros
-
Biden declares he's all in ahead of high-risk TV interview
-
Spain team 'is a winning horse', says De la Fuente
-
Bows at the ready, Chad villagers battle kidnappings
-
Alcaraz mimics Bellingham goal celebration after Wimbledon win
-
Olmo hopes Pedri can make speedy return for Euros semi-finalists Spain
-
Retiring Kroos hopeful despite Germany's 'bitter' Euros exit
-
Southgate turns on English 'entitlement' over claims of easy Euros draw
-
Merino extra-time goal sends Spain past Germany to Euro semis
-
Koeman demands Dutch silence fervent Turkish fans at Euros
-
Brad Pitt at Silverstone for filming of F1 movie
-
Raducanu storms into Wimbledon last 16
-
California fires spread in July 4 weekend heatwave
![Adidas shares slide following China corruption claims](https://www.portugalcolonial.pt/media/shared/articles/97/8d/16/Adidas-shares-slide-following-China-045416.jpg)
Adidas shares slide following China corruption claims
Adidas shares slid Monday as the German sportswear giant said it was investigating alleged bribery in China after senior employees were reportedly accused of embezzling huge sums.
It is another blow to the group, which has been betting on healthy business in key market China this year as it seeks to recover from the tumultuous end of its lucrative tie-up with rapper Kanye West.
The bribery claims emerged at the weekend when the Financial Times reported that an anonymous letter, allegedly written by "employees of Adidas China", named several Chinese staff members.
In a statement Adidas said that in June it "received an anonymous letter indicating potential compliance violations in China".
The group takes such allegations "very seriously and is clearly committed to complying with legal and internal regulations and ethical standards in all markets where we operate," it said.
"Adidas is currently intensively investigating this matter together with external legal counsel."
Shares in the outfitter slid more than four percent on Frankfurt's blue-chip DAX index before winning back some ground to end the day 2.6 percent lower.
According to the Financial Times, those accused included one of the company's executives involved with Adidas's marketing budget in China, which it said stood at 250 million euros ($268 million) a year.
Another Adidas China manager is said to have received "millions in cash from suppliers, and physical items such as real estate", according to the paper.
The letter, which was posted this month on the Chinese social media platform Xiaohongshu, was no longer visible on the website at the weekend, but a purported copy, the authenticity of which AFP was unable to verify, was posted on several accounts.
Company insiders quoted by the paper said the letter did not provide evidence for the allegations but appeared well-informed about confidential internal issues.
- Kanye woes -
China was traditionally a hugely important market for Adidas but its business in the world's second-biggest economy was hit hard during long-running coronavirus lockdowns.
The group's Greater China sales had however been recovering strongly, growing eight percent last year, and it was forecasting double-digit growth in 2024.
But the corruption allegations "could jeopardise the goal of finally regaining a foothold in (China) after the massive slumps of the past four years," warned Juergen Molnar, an analyst at RoboMarkets.
The rebound in China had been a much-needed boost after Adidas in 2022 ended its lucrative tie-up with West following an outcry over his anti-Semitic comments.
Adidas had developed the popular line of Yeezy trainers with West, and the end of the partnership contributed to the group reporting its first annual loss in over 30 years in 2023.
However in recent months the company had been returning to a better financial footing.
T.Vitorino--PC