Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Adidas grew its online channel nicely in 2013, but only has 21 months to hit its corporate goal of $695 million by 2015.
Athletic shoe, clothes and gear manufacturer adidas Group posted a big jump in worldwide e-commerce sales, but the clock is running on a self-imposed deadline to hit about $695 million (500 million euros) by 2015.
For the fiscal year ended Dec. 31, adidas, No. 224 in the 2013 Internet Retailer Top 500 increased e-commerce revenue 58.2% to $347.22 million (250 million euros) from $219.44 million (158 million euros) in 2012.
- Total global sales decreased 0.7% to $20.12 billion (14.49 billion euros) in 2013 from $20.26 billion (14.88 billion euros) in 2012.
- Global retail sales increased 2.1% to $4.78 billion ($3.44 billion euros) in 2013 from $4.68 billion (3.37 billion euros).
- E-commerce accounted for 1.7% of total sales compared with 1.1% in 2012.
E-commerce grew at an accelerated rate in 2013 but adidas only has about 21 months to hit a company objective of reaching nearly $700 million in global web sales by the end of 2015. To hit that goal adidas says it will continue to invest in its universal e-commerce platform with new initiatives such as faster site search and rolling out e-commerce to new international markets such as Latin America.
The company also will continue to expand its social media programs, CEO Herbert Hainer told Wall Street analysts on the company’s year-end earnings call. “The majority of our communication activities today happen in social media, where our core target consumers engaging with brand content will bring greater consistency, increase speeds and drive parallels of friend activation online,” Hainer told analysts. “Adidas will be investing throughout the year in establishing digital newsrooms around the whole globe. This will allow us to better coordinate the brand's online presence as well as leverage and magnify key trend initiatives all year around.”