Adidas and the art of being relaxed
Originally written in Chinese. Translated with AI, reviewed by Gary. Read the Chinese original →
Today I read Adidas's latest financial report, and I found it quite interesting.
In the latest quarter, Adidas revenue grew 14% to 6.6 billion euros, and operating profit rose 16% to 705 million euros. Nike, on the other hand, saw revenue fall 1% in its latest quarter, with Nike Direct down another 7% and China still under real pressure.
Of course, it isn't as simple as "Adidas won, Nike lost".
On execution, Adidas has done a lot in the past two years. It repaired its relationships with wholesale partners instead of chasing DTC at all costs. DTC itself kept growing, but the channel was rebuilt at the same time. On product, it no longer relies on one shoe, the Samba, but has gradually brought up the Gazelle, Handball Spezial, SL72, Tokyo and others together. Nike, by contrast, still depends heavily on a few classic models while dealing with inventory adjustments and product refresh.
But that's not what I find really interesting.
What I've noticed is that Adidas seems to have a growing sense of ease, of being relaxed.
It's not that it lacks technology or isn't professional. It still has running shoes, football and performance. It's just that its hottest products right now aren't the ones shouting "look how strong I am".
It's more like it's saying:
Dress a bit more comfortably. A bit more naturally. A bit more like real life.
From coach to teammate
Then I looked it up and found an interesting detail.
The slogan Adidas used for more than twenty years, Impossible Is Nothing, was officially replaced with You Got This in 2024.
It looks like just a change of one line, but I think the two slogans represent two eras.
Impossible Is Nothing was like a coach standing next to you.
"Keep going!"
"Again!"
"Nothing is impossible!"
Fiery, full of power.
You Got This feels completely different.
It's not like a coach.
It's more like a teammate.
Or a friend.
You're already exhausted from running, and he pats you on the shoulder and says:
"You can do it."
"You got this."
There's much less pressure in that, and somehow it feels better.
Then it struck me that Nike is still Just Do It today.
It's still the brand that keeps pushing you, challenging you, wanting you to break your limits.
Neither is right or wrong.
I just feel these two brands are starting to stand for two different emotions.
One is telling you:
Go prove yourself.
The other has started telling you:
You're already enough.
The mood of a generation
I don't know if this is why Adidas has been doing better and better in recent years.
Nor do I know whether a "relaxed" feeling can show up directly in the financials.
But if you look at how young people dress today, how they spend, even the content they like, it seems more and more of them are no longer chasing "I must win".
Instead they want:
A bit more comfort.
A bit more natural.
Not trying so hard.
Maybe what Adidas has really caught lately isn't just a Samba, or a few retro shoes.
What it may have caught is the mood of this generation.
To me, that's the most interesting change at Adidas in recent years, and the one most worth watching.