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Occasion: Casual Wear

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Type: Running Shoes

Kalka Traders

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Type: Other, Running Shoes

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How global brand Adidas slipped in India

A fascinating and instructive story of how ambition collided with due diligence and how Adidas didn’t catch on till it was faced with a Rs 870-crore loss.

For a company that sells running shoes, German sporting goods and apparel powerhouse Adidas has long preferred to tiptoe in the Indian market. Many global retail giants believe that this is a market where pots of money can be made, but Adidas has largely been cool to India.

As early as 2011, the group identified North America, Greater China, Russia/CIS, Latin America, Japan and the UK as key growth markets. India managed to find mention in the annual report, but as an emerging market. Adidas chief corporate communication officer Jan Runau said India is important. How much so? “In terms of turnover, it is neither among our Top Ten markets globally nor in the Top Three in Asia.”

But for a market on the backburner, Adidas devoted considerable time and emphasis on India while announcing its first-quarter results earlier this month. Only, it wasn’t for reasons it would have preferred or imagined.

Adidas global boss Herbert Hainer said “commercial irregularities” at its Reebok unit in India had wiped out e125 million (about Rs 870 crore) from its global profits. The problems, limited to India, could lead to further charges of around e70 million (Rs 488.39 crore), he said.

These are indeed big numbers, but it is not for nothing that Adidas is the world’s second biggest sporting goods company. The first-quarter earnings beat expectations on sales of e3.8 billion and operating profit of e409 million. Annual sales from soccer alone are expected to top e1.5 billion this year. Cast against these numbers, e195 million is not quite as damaging as it seems.

A month before it lifted the lid on the irregularities, Adidas sacked Subhinder Singh Prem, its India head until then. Prem is credited with Reebok’s breakneck expansion in India. The company hasn’t shed a light on the irregularities or if Prem had a hand. Runau and Prem did not reply to questions from ET on Sunday on the controversy.

Prem has denied wrongdoing. He responded to the “defamation and termination of services” by launching legal action against the company. For its part, Adidas has replaced the management at Reebok India — COO Vishnu Bhagat also got the boot, and said it would cut the number of Reebok stores in India by about one-third (nearly 900). “The situation in India, although unfortunate, will allow us to now accelerate plans to improve a specific underperforming part of our business,” Hainer said in a statement.

From star performer to an underperforming business, Reebok India’s fall from grace has been as astonishing as it has been rapid. How did that happen? How did Adidas stumble on the Reebok India irregularities? What really are these irregularities?

The company is not telling. But the Reebok story in India is replete with instances of strategic blunders, corporate mismanagement and financial mischief, according to three people with knowledge of the matter. One of the persons, a high-ranking Adidas official, left the company only late last year after a nearly five-year stint. All three spoke on the condition of anonymity, citing the sensitivity of the matter. Rather than an underperforming asset, Reebok India’s problems are much bigger, they said. More on that later.

To understand the Reebok mess, one must first turn to how Adidas and Reebok were run in India. Adidas bought Reebok in 2005, but the process of melding the two Indian offshoots began only in May 2011 when Prem was made the head of the combined entity. He took over from the then Adidas India managing director Andreas Gellner, who was named managing director, South-east Europe.

Race to the Top

Prem’s appointment raised few eyebrows because Reebok appeared to be the bigger division then. He was also an old hand, having joined the company in 1995. What received less attention was how Prem landed the job. The integration of the two Indian offshoots was only a formality. But the candidate for the head of the combined entity was undecided.

Around 2008, Prem began gunning for the job, according to the former Adidas official. “His single-minded agenda was to become India MD, no matter what,” the person said. Though Prem had the credentials, he knew he faced tough competition from Gellner, according to this person. “Adidas India began slowly, but was fast catching up with its Indian counterpart.”

Prem feared this might work against him, said the person, adding that the Reebok boss decided that he must ‘deliver’ at any cost. What he did next played a major role in landing the company in today’s mess, the person said. “Prem launched a massive expansion in India. This was done at the cost of profitability and margins.”

In no time, the number of Reebok stores shot up to more than 800. Reebok had only around 100 in 2003. Prem next turned his attention to volumes, according to the Adidas official. Franchises were billed goods beyond their selling capacity. “They were assured that the company would manage leftover stocks.”

To the Germans, Reebok India was always a star asset. And here was the company throwing up even better numbers. Geller and his team raised red flags, said the person. “We pointed out the increasing number of complaints from partners and the disputes regarding redeeming stocks.” But the HQ looked the other way in the belief that the allegations were an upshot of a corporate contest.

Prem was finally elevated, but matters began to unravel quickly. Franchises stopped payments, demanding that their leftover stocks be addressed first. “Partners could not buy fresh stock because they first had to deal with the past season’s merchandise,” said the Adidas official.

Disputes with distributors and franchises became rampant, according to the person. To cite an example, there was a distributor who claimed Reebok owed him money while the company’s books showed the opposite. There were also instances of raising the selling prices of merchandise to cover shortfall of receivables.

The game plan to expand was about to backfire. “Every time the issue of unsold stocks arose, franchises were promised they would be sold at retrospective prices.” The promises would remain promises.

Reebok was unable to pay its vendors. Receivables, money to be recovered from partners, were accumulating as were inventories. “All things depicted as good for the past three years were actually bad,” said the former Adidas official.

The crisis had precipitated. Reebok India now had the full attention of the German headquarters. “The Germans finally knew they had made a blunder in appointing Prem,” said the person.

As first step towards fact-finding, they named Shahin Padath as CFO of the combined entity. Padath is an Adidas veteran, but more importantly he was from outside the Reebok India system, someone who Prem had no control over. His mandate was clear: investigate the true state of affairs at Reebok India.

Padath soon spotted gross irregularities and alerted the global office. Prem got the marching orders soon after. “Prem ran Reebok as his personal fiefdom. His plan was to clean up the mess after taking over. But Germany got wind of the mess before that,” said the Adidas official. The Germans had seemingly erred by delaying action. “They should have acted two years ago. They did not even act on audit reports,” the person said.

The reason for the delay, besides their assumption that the charges stemmed from competition, was that India was still a crumb in the overall Adidas structure, contributing to about 1% of global revenues, according to the person. A second person, a former Reebok official who worked closely with Prem, said Prem was essentially a Reebok man, having served the company for long. “There was no way he was going to play second fiddle in the combined operations.”

To pursue breakneck growth, Prem relied on what in retail is known as the “minimum guarantee” (MG) model. The model is a potential magnet for franchises. There are different versions (see Minimum Guarantee. ), but in all cases, the risks are zilch for a franchise. A fixed amount — a minimum guarantee — is paid to a franchise to make up for losses or a deficit in turnover. Even the leftover stock is returned to a company.
Minimum Guarantee, Maximum Damage

There are many versions of the minimum guarantee model, but the risks for a franchise are zilch in all cases. A company pays a fixed sum to cover a store’s losses and manages any leftover stock. But if the store underperforms, there is no stopping a company’s losses.

Normally, the MG model is effective in an evolving market. Timelines are fixed after which companies switch to the alternate buy-and-sell model, where franchises gain better margins, but have to deal with leftover stock. Even the staunchest supporters of the MG model insist turnover from a store must be at least three times the money paid. The loss-making stores are shut.

In Reebok’s case, none of these checks were followed because Prem’s intent was to show the “big numbers”, according to the Adidas official. This he did with Germany’s knowledge, the person said. In his legal notice, Prem noted that Adidas was aware how the company was run, adding that the company was not a one-man show and all its financials and accounts were approved and checked by officials and auditors.

A Reebok store at a Ghaziabad mall offers some clues on the flaws in Reebok’s strategy. The store wears a deserted look. The manager, asking not to be named, said the store attracts about 8-10 shoppers on a good day, but only two end up buying.

Many of the stocks belong to the 2010 season, pointing to a row of T-shirts in which the small and medium sizes were missing. He questioned the logic of opening a store 50 metres away from a Reebok factory outlet. “It is only after the controversy broke that Reebok officials are visiting.”

The manager is aware of Reebok’s plans to downsize. He believes his store would be among the first to go. The nearby Adidas store is doing well, he said. “They have a better distribution setup; stocks are constantly renewed.”

In some cases, a firm offers MG in the form of cash allowance, usually a percentage of the setup investment. Sometimes, it could be a MG or a percentage of turnover, whichever is higher, or a combination of the two. Firms secure a refundable deposit against stocks from a franchise There are also instances where a company gives a MG to a franchise in the form of store rent, staff salary, electricity, etc besides commission. In cases where a company bears most of the expenses, it will have a greater share in the revenue sharing or margins.

Same is the case with the Puma and Nike stores in the mall, according to their managers. The Puma store until last year followed what is called a consignment model, where the store’s margins were lower, but was offset by the company repossessing unsold stock. It has since embraced the buy-and-sell model where margins are higher due to the risk of managing inventories.

The Nike store, said the manager, never encounters the problem of unsold stock. Those would be sold on discount. As Nike rarely offers discounts, this merchandise sells quickly, the person said. These retail chains are all doing well because they are following the buy-and-sell model, according to a retail analyst who is familiar with Reebok’s operations.

In this model, a company flags the performance of a franchise, guides it on trends and provides marketing support. “It is a clean model. With others, there is scope to muddle,” the person said. “Reebok is a very good example of this.” The analyst cited the example of Italian apparel major Benetton in India. Reebok has three times the number of Benetton stores in Delhi, but Benetton racks up three times the turnover of all Reebok stores, according to him.

The Reebok story is one of mindless expansion, but in the case of Benetton, the person said, a store would open only if company officials saw its potential to make profits. The Italian company works with only large partners who are experienced and who understand retail. It keeps out those who won’t visit stores, the so-called armchair investors, said the person.

In Reebok’s case, the company lured people who sell electronics or ran food stalls. “They were promised a quick buck. The other attraction was the status elevation due to the association with a well-known brand,” said the analyst.

In retail, rentals are a huge challenge, but a bigger challenge is the selling itself. A franchise has the big problem of leftover stocks to tackle after a poor season. Franchises have to refresh stocks every season because customers are quick to spot old goods. The Reebok case is an example of how not to do retail in India, according to the analyst.

Reebok should have perhaps borrowed a page from Adidas’ rulebook. The India team’s aim was to top turnovers carefully, according to the former official. “We focussed on distributors, key accounts, ecommerce, B2B partners and even sales to armed forces.”

This strategy paid off. Not only did Adidas make giant strides in expansion, today, it has more than 600 stores in India, it is also in shipshape. Although the German management hasn’t revealed the irregularities in India, the Rs 870-crore writeoff could be a result of the wrongdoings of the past three years, according to the former Adidas official and retail analyst.

That wasn’t always the case. Reebok’s total current liabilities as a percentage of total income rose to nearly 95% in 2009 and 102% in 2010 from 20% in 2005. Adidas India’s total current liabilities, which were about 21% of income in 2005, rose to nearly 39% in 2009 but fell to around 38% the next year.

“The Germans have to shut stores, develop new ones, settle disputes, address receivables and inventories,” said the Adidas official. “With Reebok, it is as good as starting from scratch. The consolation is that Adidas is on a comfortable perch.” It maybe time to put on those running shoes in India.

A Different Battle

Bhanu Pande & Binoy Prabhakar

Less than a year after he was elevated as Adidas India head, Subhinder Singh Prem has been shown the door. Prem said he is in the middle of a battle, a reference to the legal suit he has launched against his former employers.

The past one year was traumatic, he said. “The parent management had a convoluted thinking of pushing brand Adidas even if that meant at the cost of Reebok,” he said. “There was no credit given to the Indian team for having built a robust brand Reebok.”

For its part, the German brass contests the argument of some observers that the Reebok controversy was an upshot of cultural differences with the Indian team. Chief corporate communication officer Jan Runau said the group is a truly international company with 173 subsidiaries in all regions of the world. “The same goes for our employees,” he said, adding that at the corporate headquarters in Herzogenaurach, Germany, people of more than 60 different nationalities work. “The executive board consists of three nationalities: German, American, New Zealanders.”

Both Runau and Prem declined comment on the controversy. But a person close to Prem said the fact that the financial picture of Adidas India is better than Reebok India is not correct. The share capital of Reebok is just Rs 23 crore while that of Adidas is Rs 55 crore, which is further supported by an interest-free loan of Rs 44 crore from the parent, the person said. “In other words, the equity base of Reebok is one fourth that of Adidas [Rs 23 crore vs Rs 99 crore].”

Reebok therefore had to rely more on bank borrowings to fund its expansion leading to higher interest payments as compared with Adidas, according to the person. “Reebok also pays royalty at 5% on sales to its parent whereas there are no royalty payments in case of Adidas,” the person said.

Until 2010, Reebok had paid close to Rs 110 crore as royalty to Adidas AG. Citing another example, the person said accumulated profits at Reebok as of December 31, 2010 were Rs 52 crore (after royalty) while Adidas showed accumulated losses of Rs 137 crore (no royalty).

If the accumulated profits at Reebok are adjusted for royalty of Rs 110 crore, the accumulated profits at Reebok stood at Rs 162 crore against accumulated losses of Rs 137 crore at Adidas. “In other words, Reebok was significantly more profitable than Adidas,” the person said.

These 5 Made-in-India sports brands are competing with global giants like Adidas, Nike, Puma

Every year, India celebrates National Sports Day on August 29 to commemorate the birth anniversary of hockey legend Dhyan Chand, who won gold medals for India at the Olympics. For the last few decades, India’s diverse, indigenous culture and its colonial legacy have shaped the sports played in the country.

Cricket is the most popular sport in India, but kabaddi, hockey, badminton, football, and athletics are not far behind.

In a country crazy about sports, manufacturing sport goods and equipment such as athletic wear, sports shoes, cricket balls, helmets, rackets, etc., is a lucrative business.

India has thousands of small, medium, and large manufacturers of sports equipment, providing employment to lakhs of individuals. Jalandhar, Meerut, and Gurugram have emerged as India’s biggest clusters for sports goods manufacturing.

This National Sports Day, SMBStory has drawn a list of five popular, homegrown sports equipment brands competing with some of the biggest international names:

Nivia Sports

For many Indian basketball and football players, Nivia is one of the first sports brands that comes to mind for affordable sports balls and footwear. Now a popular, homegrown brand, Nivia Sports was started in 1962 under the existing FreeWill Sports business.

The Nivia Dominator football. Image credit: Nivia Sports official website

FreeWill was originally started in Sialkot by Nihal Chand Kharbanda in 1934, and shifted to Mumbai during the partition of India in 1947. From there, the business eventually settled in Jalandhar.

Nivia came into existence when Nihal’s son Vijay Kharbanda joined the business and combined ‘Ni’ from his father’s name with ‘Vi’ from his own name.

That year, the father-son duo began manufacturing leather hand-stitched balls under the new brand.

Nivia grew into one of India’s most popular sports equipment manufacturers, engaging with national and international sporting bodies such as FIFA, Basketball Federation of India, All India Football Federation, Volleyball Federation of India, and more.

Today, Nivia also manufactures team uniforms, footwear and accessories for football, basketball, volleyball, and more.

Cosco

If you’ve played gully cricket with a tennis ball, you probably used the famous, fluorescent green Cosco cricket ball.

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The Cosco cricket ball. Image credits: Cosco official website

Promoted by Raj Kumar Jain, Devinder Kumar Jain, and Narinder Kumar Jain, Cosco is a leading sports equipment manufacturer based in Delhi.

It was started in 1980 when the promoters, who were experts in rubber goods manufacturing, decided to manufacture basketballs and other sports balls. In 1994, Cosco went public on the Bombay Stock Exchange (BSE).

Over the years, Cosco built associations with The World Federation Of The Sporting Good Industry, The Sport Goods Export Promotion Council, and The Sports Goods Foundation Of India.

At present, Cosco makes equipment for many sports such as tennis, football, volleyball, table tennis, handball, and more. It also makes sporting goods and health and fitness equipment for some international sport brands and labels.

Sareen Sports

The SS Magnum English Willow bat. Image credit: Sareen Sports official website

Sareen Sports Industries’ finest marketing moments involve two of the greatest test cricket innings by Indian batsmen.

VVS Laxman’s 281 against Australia at Eden Gardens in 2001 and Virender Sehwag’s 309 against Pakistan at Multan had one thing in common: both batsmen used Sareen’s Sports’ SS Sunridge cricket bat.

Started in 1969 by NK Sareen, Meerut-based Sareen Sports Industries is a leading manufacturer of high quality cricket equipment for domestic and international markets.

It also makes the ‘TON’ range of cricket bats, as well as cricket clothing and equipment such as balls, helmets, batting gloves, protective gear, shoes, bags, etc.

Some of India’s finest cricket players have used SS cricket bats.

Besides Laxman and Sehwag, Saurav Ganguly, Sachin Tendulkar, Roger Binny, Yuvraj Singh, and others have used its products.

Shiv-Naresh

Mary Kom, Vijender Singh, Sushil Kumar, Abhinav Bindra, and other Indian athletes have all endorsed this brand. Started by former athlete RK Singh in Delhi in 1970, Shiv-Naresh was started with a small tailoring unit at the founder’s home.

The brand gets its name from the names of RK Singh’s two sons, Shiv and Naresh.

With the absence of large sports brands in the capital city during the 70s, Shiv-Naresh slowly grew by distributing its products to local athletes.

Mary Kom in Shiv-Naresh athletic wear

While it never expanded into huge showrooms like Nike, Adidas, and Puma did, Shiv-Naresh emerged as a popular sportswear, apparel, and equipment brand in the market.

Today, Shiv-Naresh makes hand gloves, sports t-shirts, footwear, and more for a range of sports. It employs over 800 people and has a distribution network of over 7,000 retailers across India.

Tyka

The Tyka jersey for ISL side Chennaiyin FC. Image credit: Tyka official website

Since 2009, Tyka has made hockey and cricket gear, and has delivered equipment for the national Indian hockey team as well. It also makes equipment for the UP Cricket Association and Cricket Association of Bengal for the Ranji Trophy.

Launched by Rajan Kohli, Tyka came into the spotlight when it landed a partnership with IPL side Kings XI Punjab in 2012. From there, there was no stopping Tyka.

It is a kit partner for various domestic and international cricket teams across the Karnataka Premier League, Tamil Nadu Premier League, English cricket counties, Australian cricket clubs, and more.

It is also associated with football teams such as Indian Super League (ISL) side Chennaiyin FC.

Besides these five brands, some other notable Indian sports equipment makers include Performax, Piranha, Alcis, Proline, HRX, and Vector X.

Какие страны производят продукцию Adidas?

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В 1949 году немецкий сапожник по имени Адольф Дасслер основал компанию по производству спортивной обуви под названием Adidas. «Ади» происходит от Адольфа и Дасслера «дас». Компания быстро набрала обороты, став одним из ведущих мировых производителей спортивного инвентаря. В 2010 году 69 стран мира были вовлечены в производство продукции Adidas.

Adidas является одним из громких имен среди производителей спортивных товаров (Нед Дишман / Getty Images Sport / Getty Images)

Африка

В Африке 24 фабрики Adidas. Восемнадцать из них находятся в Южной Африке, Лесото и Свазиленде. Еще три распределены между Маврикием и Мадагаскаром. Остальные три фабрики расположены на севере континента: две в Египте и одна в Тунисе.

В Азии больше растений Adidas, чем на любом другом континенте. По данным Adidas Group, 27% заводов компании находятся в Китае. В Китае 337 фабрик, 99 в Индии, 79 в Индонезии и 76 во Вьетнаме. Япония, Корея, Тайвань, Таиланд, Камбоджа, Пакистан и Филиппины укрывают от десяти до 60 фабрик каждая. Другие азиатские страны, которые производят продукцию Adidas, имеют на своей территории менее 10 заводов. Это Бангладеш, Гонконг, Лаос, Макао, Малайзия, Сингапур и Шри-Ланка. Произошло сокращение количества фабрик в России. Из десяти оставшихся в 2008 году только четыре остались в 2010 году. На Ближнем Востоке 15 заводов расположены в Турции, Израиле и Иордании. 13 из этих заводов расположены в Турции.

Австралия и Новая Зеландия

Европа

Америка

Америка является домом для 215 заводов Adidas. В Северной Америке их 71 в США, 29 в Канаде и 19 в Мексике. Доминиканская Республика, Сальвадор, Гватемала, Гондурас и Никарагуа имеют менее пяти заводов на каждом. Бразилия является королем производства товаров Adidas в Южной Америке, рассчитывая на 50 заводов в 2010 году. В 2008 году их было всего 27. Девяти заводам в Аргентине стало 19. Как Чили, Колумбия, Парагвай и Перу имеют менее пяти заводов.

Adidas выпустила NFT-коллекцию с эксклюзивным доступом к дропам бренда

Компания Adidas выпустила NFT-коллекцию под названием Into the Metaverse, которая предоставляет покупателям доступ в эксклюзивный фан-клуб. Держатели NFT смогут приобретать эксклюзивный мерч и решать, какие продукты и впечатления Adidas подготовить для них.

«Adidas в метавселенной, — сказал The Verge старший директор Adidas по цифровому росту Тарек Назлави (Tareq Nazlawy). — Мы хотим разобраться, что лучше всего делать в этом пространстве, а затем начать вовлекать сообщества, которые мы приобщим с помощью NFT к тому, как мы можем проявлять себя в виртуальном мире».

В ноябре Adidas запустила цифровые токены, которые предложат держателям ранний доступ к NFT-дропам, а пару недель назад компания начала писать загадочные твиты о метавселенной.

Покупатели NFT получат доступ к «цифровым и физическим» продуктам и опыту Adidas. Сначала это будут спортивный костюм Indigo, худи с адресом биткоин-кошелька и оранжевая шапка. Вещи были созданы в коллаборации Bored Ape Yacht Club, коллекции NFT-токенов из 10 тыс. рисунков обезьян, NFT-проекта Punks Comics и криптоэнтузиаста GMoney.

«Будут и другие впечатления, которые мы готовим, — добавила вице-президент по маркетингу Adidas Originals Эрика Уайкс-Снейд (Erika Wykes-Sneyd). — Идея состоит в том, что вы принадлежите к сообществу, и мы будем повышать его ценность с течением времени. Клуб будет развиваться по мере того, что мы узнаем о его участниках и о том, как они меняются и развиваются».