Fashion
Germany’s Adidas achieves highest-ever quarterly sales in Q3 2025
The strong Q3 performance was powered by double-digit increases across all key regions and categories. Footwear revenues rose 11 per cent, led by significant gains in Running, Football, Training, and Specialist Sports.
Germany’s Adidas has reported record revenue of €6.63 billion (~$7.69 billion) in Q3 2025, the highest in its history, as brand sales rose 12 per cent on a currency-neutral basis.
Growth was broad-based across all regions and categories, with footwear and apparel driving strong gains.
Despite currency and tariff headwinds, profitability improved, with operating profit rising 23 per cent.
Apparel sales surged 16 per cent, fuelled by momentum in Originals, Football, and Running, supported by differentiated and locally relevant collections. Accessories posted a 1 per cent increase.
Performance categories grew 17 per cent, led by strong traction in Running and Football. The brand’s lifestyle business also expanded by 10 per cent, driven by enduring demand for its Terrace franchises, collaborations with Wales Bonner, Oasis, Edison Chen, and market-specific activations, Adidas said in a press release.
Region-wise, revenues for the Adidas brand grew 12 per cent in Europe, 10 per cent in Greater China, 13 per cent in Emerging Markets, 21 per cent in Latin America, 11 per cent in Japan/South Korea, and 8 per cent in North America. Growth was consistent across all channels, with wholesale sales up 10 per cent, own retail up 13 per cent, and e-commerce surging 15 per cent—building on more than 25 per cent growth in the same quarter last year.
Adidas improved its gross margin by 0.5 percentage points to 51.8 per cent, supported by lower product and freight costs, a favourable business mix, and strong sell-throughs that offset the impact of adverse currency movements and higher US tariffs. Operating profit climbed 23 per cent to €736 million, delivering an operating margin of 11.1 per cent compared to 9.3 per cent a year ago.
Net income from continuing operations rose 3 per cent to €482 million, despite hyperinflation-related effects that weighed on the financial result. Marketing and point-of-sale expenses increased 10 per cent to €798 million, reflecting continued investments in global campaigns and new partnerships such as Liverpool FC and the future Audi Formula 1 team.
“I am extremely proud of what our teams achieved in the third quarter with actually record revenues. Twelve per cent growth for the adidas brand leading to total revenue of €6.63 billion is the highest we have ever achieved as a company in a quarter. I am especially happy to see that our performance business is growing strongly across categories and in all regions,” said Bjorn Gulden CEO at Adidas. “2025 is already a success for us. Fourteen per cent growth for the Adidas brand year-to-date and an EBIT margin above 10 per cent proves how strong our brand is. Empowering our local markets to win their consumers is the right strategy for global success.”
In the first nine months (9M) of 2025, Adidas brand revenues grew 14 per cent on a currency-neutral basis, or more than €2.2 billion in absolute terms, despite the absence of Yeezy revenues which had contributed over €550 million in 2024. In euro terms, sales reached €18.74 billion, up 6 per cent year-over-year (YoY).
Footwear and apparel sales each rose 14 per cent in 9M, driven by strong gains in Originals, Sportswear, Running, and Training. Double-digit growth was recorded across all regions—Europe (+11 per cent), North America (+12 per cent), Greater China (+12 per cent), Latin America (+24 per cent), Emerging Markets (+17 per cent), and Japan/South Korea (+14 per cent).
The gross margin improved 0.8 percentage points to 51.9 per cent, while operating profit surged 48 per cent to €1.89 billion, representing an operating margin of 10.1 per cent. Net income climbed 52 per cent to €1.29 billion, highlighting the brand’s strong recovery and efficiency gains across its operations.
Inventories increased 21 per cent YoY to €5.47 billion, reflecting support for planned top-line growth, earlier product purchases for World Cup-related launches, and faster inbound deliveries. Operating working capital rose to €6.18 billion, or 21.9 per cent of sales. Cash and cash equivalents stood at €1.03 billion, while adjusted net borrowings increased to €4.79 billion, leading to a leverage ratio of 1.6x, an improvement from 2.1x last year, added the release.
Moreover, Adidas has raised its full-year 2025 guidance. The company now expects overall revenues to grow by around 9 per cent (previously projected at a high-single-digit rate) and operating profit to reach approximately €2 billion, up from the prior range of €1.7–1.8 billion.
“The focus is now on transitioning well into 2026, which will be another exciting sports year with the Winter Olympics and the biggest Football World Cup ever. Adidas connects sport and street culture, and we see global demand for all these segments continuing to grow. That is why we look positive into the future,” added Gulden.
Fibre2Fashion News Desk (SG)
The exemptions had been discontinued on March ** this year as the government did not issue a fresh notification before the expiry of the previous one. As a result, duty exemptions were unavailable to Indian exporters from April until the new notification was issued on October **.
Under the latest notification, imports of materials including wet blue, crust, and finished leather; buckles, zips, soles, linings, and fittings will continue to enjoy Nil customs duty when used in the manufacture of leather garments, footwear, and accessories meant for export.
Prada achieved double-digit growth in Asia Pacific (10 per cent), with improving trends in Mainland China. Europe rose 6 per cent, supported by resilient local demand and steady tourism. The Americas advanced 15 per cent, showing sequential acceleration in the third quarter. Japan grew 3 per cent, with stronger local and traveller demand after exceptional tourism in 2024. The Middle East delivered robust 21 per cent growth, moderating slightly in the third quarter.
Prada Group’s retail sales increased 9 per cent to €3,647 million (‘$4.26 billion) in the nine months to September 2025, with the third quarter up 8 per cent.
Asia Pacific grew 10 per cent, the Americas 15 per cent, Europe 6 per cent, Japan 3 per cent, and the Middle East 21 per cent.
Miu Miu surged 41 per cent, while Prada remained resilient.
“The consistency of our results, in a complex macroeconomic environment, confirms the strength of our brands and the validity of our strategy. With the one just closed, the group has delivered 19 quarters of uninterrupted growth. We continue to focus on creativity, product excellence and craftsmanship as foundations for enduring relevance and long-term development. These principles guide us as we navigate an evolving landscape with confidence, discipline and responsibility,” Patrizio Bertelli, Prada Group chairman and executive director, said.
Prada showed good resilience, with retail sales at -1.6 per cent over the nine-month period and -0.8 per cent in Q3. The brand continued to express its creative dynamism, driving a well-balanced product category mix and a consistent focus across strategic price points. The Womenswear SS26 fashion show offered a unique reflection on the role of clothes in reaction to the overloaded contemporary culture, the company said in a press release.
Miu Miu progressed on a healthy growth trajectory at 41 per cent y-o-y, with the third quarter at 29 per cent, driven by widespread appreciation across categories and geographies, as its captivating aesthetics continued to nurture the global influence of the brand. The SS26 fashion show underlined the social importance of work in women’s life. The FW25 campaign re-imagined wardrobe archetypes through a fluid interplay of tailoring and feminine silhouettes, while the Atheneum pop-up initiative embedded collegiate codes with the brand’s irreverence.
“Our performance confirms the health of our brands and further solid, diligent execution by our teams. Prada accelerated versus the previous quarter; Miu Miu has maintained a sustained growth trajectory for 4 years, including in this quarter that was facing triple-digit comps. Despite a still challenging environment, we remain confident in our trajectory, focusing on products and experiences that spark emotional engagement, while further improving our speed and flexibility,” Andrea Guerra, group chief executive officer, said.
Fibre2Fashion News Desk (RR)
Published
November 4, 2025
In France, the Galeries Lafayette group made its position clear as soon as the Société des Grands Magasins announced its plan to introduce ultra-fast-fashion brand Shein into five regional Galeries Lafayette stores that SGM has operated for several years. After weeks of negotiations, and on the eve of Shein taking up more than 1,000 square metres at BHV, the two parties formally acknowledged their disagreement in a joint press release.
“Galeries Lafayette and the SGM group have agreed to terminate the affiliation agreements that have bound them since 2021 for the seven stores that SGM owns and operates under the Galeries Lafayette banner,” read the statement. “These stores are located in Angers, Dijon, Grenoble, Le Mans, Limoges, Orléans, and Reims.”
Frédéric Merlin‘s company SGM has announced that it will operate these department stores under a new name, to be revealed shortly.
“This decision stems from a strategic divergence within the collaboration,” read the joint press release. “This collaboration will end in the coming weeks, according to a timetable which is currently being finalised.”
These stores, located in prime sites in major French cities, currently carry numerous Galeries Lafayette own-brand ranges and brands listed by the Galeries Lafayette group’s central buying office. Due to this, the continuity of operations at these locations is now in question.
The two parties state that they are “pursuing their discussions in a constructive spirit and doing their utmost to ensure an orderly transition that respects teams and customers.” Nonetheless, customers and employees will naturally be concerned about this situation.
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