Reported 10 months ago
Adidas is investigating allegations of compliance violations in China, prompted by an anonymous letter accusing local executives of embezzling millions of euros, receiving bribes, and engaging in unethical behavior such as workplace bullying and nepotism. The sportswear brand is conducting an investigation with external legal counsel after the whistleblowers threatened to disclose the matter to the media and legal departments if not addressed. Adidas' shares fell 1.73% following the reports, with Greater China accounting for 15% of the brand's sales according to its 2023 annual report.
Source: YAHOO