© Reuters. Adidas stuns with basketball shoes momentum
- Adidas (OTCQX:ADDYY) flew past the Jordan brand to become the second ranking U.S. sports footwear brand, according to data compiled by NPD Group for August.
- Adidas basketball shoe sales were up more than 40% during the month in comparion to the sales drops recorded for the Nike (NYSE:NKE) and Jordan brands. Nike was still the volume leader for the month.
- “This is an achievement I never thought I would see in my lifetime,” says NPD analyst Mike Powell.
- Other analysts have attributed the Adidas momentum to the strong technology in its new basketball shoe lines, which is resonating with consumers to a higher degree than the star power of endorsers (Adidas has James Harden and Damon Lilliard vs. Nike’s lineup of Lebron James, Kevin Durant, Kyrie Irving, Anthony Davis, et al.)
- The Adidas basketball surge is also being seen in China, where the market potential is gigantic.
- Shares of Adidas are up 50% this year vs. +5% for Nike and -36% for Under Armour (UA, UAA).
- Now read: Nike: Should We Listen To Kevin Durant?