Adidas Plans Sourcing Shift From China to Vietnam
The executive director of Adidas declares the possible shift of footwear production from China to Vietnam. Prior to that, he shrugged off concerns about the possible imposition of US tariffs on shoes made in China.
"The factories in Vietnam produced 44% of Adidas shoes in 2017, compared with 31% in 2012. At the same time, the percentage of Chinese suppliers was 19%, compared to more than 30% in 2012," - Kasper Rorsted said at the annual shareholders meeting.
"I'm not going to exclude that this trend will continue," he said, adding: "China is still an important procurement market, regardless of customs duties."
Rorsted noted that there is also a great deal of uncertainty as to which sectors might face the new US tariffs. "However, not only our company, but also competitors can suffer from import duties," he stressed.