Fashion
Adidas sees improving UK performance as sales jump in double-digits
Published
October 1, 2025
Adidas UK has filed its accounts for 2024 and they show a marked improvement compared to the 2023 results.
The company’s sales increased by 14% to £1.283 billion. As well as being an improvement on 2023 it also reversed the declining trend scene in that year when sales had fallen by 9%.
The rise this time consisted of a wholesale increase of £144.7 million as well as an increase of £5.766 million in its own retail stores and £7.27 million via its online channel.
Gross profit increased to £269.7 million from £217 million and operating profit rose to £50.373 million from £36.25 million. Profit before tax was up to £45.858 million from £30.859 million, despite the company paying more tax this year. Its final profit for the financial year was £33.458 million, up from £21.994 million.
The gross profit margin also improved to 21% from 19% and the operating profit margin was 4% compared to 3% a year earlier.
But the company said that for 2025, it continued to expect macro economic challenges and geopolitical tensions to persist. That said, its 2025 outlook was positive driven by a strong brand momentum with high consumer demand for its products.
The company’s UK-specific results for 2025 won’t be available for another year, although globally it has been reporting higher sales and profits for this year, despite a very challenging backdrop.
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In August last year, it posted a YoY decrease of 1.3 per cent.
The same exhibited a faster month-on-month (MoM) increase of 0.2 per cent in August this year from 0.1 per cent in July. It posted a 0.5-per cent MoM decrease in August 2024, a PSA release said.
The producer price index (PPI) for the manufacturing sector in the Philippines posted a YoY increase of 0.6 per cent in August from a 0.1-per cent YoY decrease in July.
In August last year, it posted a YoY decrease of 1.3 per cent.
The same exhibited a faster month-on-month (MoM) increase of 0.2 per cent in August this year from 0.1 per cent in July.
It posted a 0.5-per cent MoM decrease in August 2024.
The top contributor to the uptrend in the monthly growth rate of PPI for manufacturing in August 2025 was the manufacture of coke and refined petroleum products, which registered a MoM increase of 0.5 per cent during the period from a 1.4-percent MoM decline in July 2025.
Fibre2Fashion News Desk (DS)
Published
October 1, 2025
Belstaff International Limited’s accounts for 2024 have been filed and show its sales falling again, this time by 5.2% after a 3.6% drop in the previous year. Turnover for the latest financial year was £54.6 million.
That said, the gross margin percentage rose healthily to 28.1% from 25.9% while gross profit increased to £15.35 million from £14.93 million the year before.
Operating profit at the company dropped sharply to £593,246 from £2.123 million due to the prior year benefiting from a provision release in relation to a store lease that it surrendered early and foreign currency revaluation gains on inter-company loans. But the fall was partially offset by the stronger gross profit following improvements in margin and lower administration expenses.
The final profit figure was actually a loss of £15.9 million, which was actually narrower than the £18.3 million loss in 2023.
In the accounts, the company said the business objective is to grow both revenue and profitability, which begins with a renewed focus on brand image and heritage. This has been supported with a refreshed visual identity, new product categories and new technical fabrics.
The existing store portfolio is also being refurbished in line with this new design while new opportunities have been identified in strategic, brand-related locations (only last month that opened a new store at Victoria Leeds). The wholesale customer portfolio is also being constantly monitored.
And of course, we can’t ignore the fact that, in August this year it was announced that the Belstaff brand was being acquired by dynamic, sports-focused growth business Castore from existing owner Ineos (which also took a stake in Castore).
So there’s clearly plenty of potential for the brand to expand in the year (and years) ahead.
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If AGOA lapses, tariffs on African exports to the US will surge, particularly in textiles and apparel. Lesotho’s tariffs would soar from zero to 32 per cent, Kenya’s from 10 to 28 per cent, and Madagascar’s from 12 to 23 per cent. Even countries without special apparel preferences, such as South Africa and Guinea-Bissau, would face higher duties, averaging 14–15 per cent, UNCTAD said in a press release.
In 2023, US imports under AGOA totalled nearly $10 billion. While modest compared to overall US imports, these flows represent a substantial share of exports for countries such as Lesotho and Madagascar. The scheme has enabled African exporters to gain competitiveness, especially in apparel, and has encouraged US firms to source fuels, metals, and textiles at lower costs. Additionally, AGOA has spurred foreign direct investment and strengthened supply chain resilience across Africa.
UNCTAD has warned that many African markets’ access to the US could worsen if the African Growth and Opportunity Act (AGOA) expires on September 30, 2025.
Without it, tariffs would surge, particularly in textiles and apparel, threatening export competitiveness, disrupting trade ties, and undermining investment and supply chain resilience across many sub-Saharan African economies.
In 2023, US imports under AGOA totalled nearly $10 billion. While modest compared to overall US imports, these flows represent a substantial share of exports for countries such as Lesotho and Madagascar. The scheme has enabled African exporters to gain competitiveness, especially in apparel, and has encouraged US firms to source fuels, metals, and textiles at lower costs. Additionally, AGOA has spurred foreign direct investment and strengthened supply chain resilience across Africa.
UNCTAD has warned that many African markets’ access to the US could worsen if the African Growth and Opportunity Act (AGOA) expires on September 30, 2025.
Without it, tariffs would surge, particularly in textiles and apparel, threatening export competitiveness, disrupting trade ties, and undermining investment and supply chain resilience across many sub-Saharan African economies.
Since April 2025, US tariffs have already risen under new country-specific and sectoral measures. If AGOA expires, African exporters will face compounded pressure as they lose preferential access and revert to most-favoured-nation rates. This shift could severely disrupt long-standing trade ties, reduce competitiveness, and threaten industries heavily reliant on the US market.
The expiration of AGOA would come at a delicate time, with global competition for export markets intensifying. While the African Continental Free Trade Area offers a potential buffer, building alternative markets and supply chains will require significant time and adjustment. Without renewal, Africa’s export competitiveness in the US market could rapidly erode, placing fragile economies at greater risk, added the release.
Fibre2Fashion News Desk (SG)
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