Adidas to bring lower-cost Samba, other shoe models to market
Adidas is apparently looking to bring lower-cost shoe models to the market.
Reuters reported Thursday the sportswear company indicated Samba and other shoes will become more affordably priced options in the $60 to $80 range.
"It’s important to understand that not everyone can afford to buy a shoe for $120 or $150, but everyone wants to take part in the same trends," CEO Bjorn Gulden told investors.
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"What we do at the top, $100 and higher, we’re bringing that down. So, for Foot Locker, for Intersport and for Deichmann, we’ve also got something to offer."
FOX Business reached out to Adidas for comment on the matter.
Late last month, as Adidas reported its first-quarter results, the sportswear company said its Samba, Gazelle, Spezial and Campus lines were seeing "very strong and growing" demand.
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It has been selling versions of the Samba, Gazelle and Campus for decades.
Adidas also reported in April that its SL72 shoe has been gaining momentum.
Overall, the sportswear company generated about $5.93 billion in revenues (5.46 billion euros) in the first quarter, marking a 4% increase from the same period last year. Its net income from continuing operations came in at $185.85 million (171 million euros).
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Adidas had a market capitalization hovering around $44.47 billion as of Thursday afternoon.
Reuters contributed to this report.