Why Adidas’ China Comeback Is Lagging Nike’s

It’s shaping up to be a tough year for Adidas. The German sportswear giant is facing the prospect of its first unprofitable year in over three decades. Globally, it has been saddled with the fallout of the Yeezy deal and, in China, its problems have multiplied since the Uighur forced labour controversy and ‘zero-Covid’ lockdowns of recent years.

At one point, China figured as its most profitable market. Last year though, the company’s…