Adidas held its annual investors day titled “Own the Game” at its German headquarters in Herzogenaurach, yesterday where it laid out an ambitious plan to increases sales, profitability and market share by 2025.
Commenting on the effort in a CNBC interview following the presentation, CEO Kasper Rørsted announced the first product would be revealed in late 2021 with “much more to come” in 2022.
On the investor call, executive board member Brian Grevy noted the effort would be centered in Los Angeles, a city he described as the “epicenter of basketball culture.” The brand also noted the effort will build both lifestyle and performance product with initial focus on the Forum silhouette.
“Under the leadership of Jerry, we will disrupt the basketball category with our creativity and carve out our own place in the legacy of the sport, honoring the rich culture of basketball,” Grevy noted.
He added, “Jerry and his team will join our operation in one of our key cities, L.A. L.A. is the epicenter of basketball and Jerry’s name is synonymous with the City of Angels. I’m looking forward to big things on and off the court. The Forum will be the first franchisee born from basketball with which we will lead this effort. Through the course of this year we will bring out new takes on this classic silhouette and surprise our consumer with surprising collabs.”
Check out Rørsted’s announcement on CNBC below.