Adidas headquarters in Germany raided amid ongoing tax investigation
What's the story
German authorities raided the headquarters of Adidas in Herzogenaurach, Germany, on December 11. The raid is part of a broad tax investigation that has been ongoing for years. An Adidas representative said the probe is looking into a five-year period starting from October 2019 and covers customs and tax rules for products imported into Germany.
Company cooperation
Adidas has been cooperating with authorities
Adidas has confirmed its continued cooperation with the customs authorities in this matter. The company has been supplying necessary documents and information to assist in the investigation. The probe is not just limited to the company's head office in Herzogenaurach but also extends to other Adidas locations across Germany.
Financial outlook
Investigation not expected to impact Adidas's financial performance
Despite the ongoing investigation, Adidas remains optimistic about its financial future. The company said it does not expect any major financial impact related to this probe. The statement comes after a successful run under CEO Bjorn Gulden, who joined Adidas from rival Puma in late 2022 and helped the company raise its annual profit target in October amid a surge in demand for retro sneakers like the Samba.