adidas

The second-largest athletic footwear company in the world. Herzogenaurach, Germany.

Watchlist

Founded: 1949
Website: adidas.com
HQ: Germany
Manufacturing: Vietnam,Indonesia,China,Various
Ownership type: Public
Status since: 2026-07-28

Ownership

Public (FWB: ADS, DAX 40), widely held — no shareholder above 5% per AR2025 (~79% institutional as of Dec 2025). Registered 1949 by Adi Dassler, Herzogenaurach. Dassler family exited control decades ago.

Why Watchlist

Owns nothing, but sits at the stability end of the contract spectrum: 65% of partners at 10+ years, largest single factory ~6%. Speedfactory is why this row is Watchlist rather than benefit-of-the-doubt: twice-publicised Western automated factories, closed by April 2020, production returned to Asia. The choice was available and was reversed.

Reversibility

What would change our verdict

Sourcing-churn language appearing in the annual report; partner-tenure disclosure disappearing; another repatriation announced and reversed.

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Investigation · July 29, 2026

Same Shoe, Different Factory

Nike does not make Nike shoes. Four contractors it does not own build 59% of them. Adidas outsources almost 100%. The fastest-growing brand in running buys its shoes on individual purchase orders, with no commitment at all. Two majors still own a factory. Plus the ones still worth buying.

Read the full investigation

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