https://amp.cnn.com/cnn/2024/06/17/business/china-adidas-embezzlement-investigation-whistleblowers-intl-hnk
19 replies (most recent on top)
…and swept under the carpet again…
They should have called the ceo on his mobile 😂😂. What a stunt that was!!
The finance practices at adidas have been corrupt for many years. Everyone knows it, nobody says it. Crooked culture. Cooking the books! Will get found out!
Probably the second big strike under BG watch. First was telling the world that Kanye didn’t mean what he said.
The people who spoke up had to do somehing cause probably in China there is no "amazing employee relations" to put the matter under the carpet.
A serious audit should happen in Herzo where Controlling is asked for more and more "innovative" ways to push capex to opex and vice versa.
This is what it means to close your eyes and ignore what is going on as a Ceo (while faking open door policy), who has an HR board member who knows all of this stuff but uses "employee relations" and DEI fakeness to ignore serious issues. Probably they talk about China as just another disgrantled employee who is suffering micro-agressions.....
The CEO and his friends need to understand that when police gets involved and auditors, sooner or later people accountable will go to JAIL. And you can be a CEO there.
adidas has a long history oh execs that talk well but deliver nothing, and they know it…Roland was the original role model for the bla bla exec. They know what they are so they grift as long as they can before it’s over. No one looked into how much Jason sponged off the China budget for Roland. No hope for this company.
abuse issues of the MWB by execs has come up many times in the past and nothing happened. So it’s safe to say that it is a setup that goes all the way to the top.
SWB backhanders to retailers is what needs auditing
It’s a wider issue than China! Send in the auditors in Europe and you will be blown away with how the MWB gets managed from one fiscal to the next!
Including agencies being coerced into housing Cannes trips for top execs!
Marketing has been cooking the books for years, shifting budgets it from one FY to the next, passing unallocated budgets to agencies to be spent in the next fiscal. It’s rampant. Surely somebody in NTP will call it out eventually!
Chinese gov won’t take kindly to it
Not easy to turn adi business around in China - allegedly it's going to take some bribes...
Adidas China Chief Adrian Siu Details Turnaround Plan, Localization Strategies
The Greater China chief spoke to WWD after a year at the helm of the German sportswear giant, which is going through a "transitional period" in an increasingly competitive Chinese market.
June 14, 2023, 12:20pm
..."After the BCI controversy, coupled with COVID-19 lockdown woes and the Yeezy crisis, the company’s Greater China arm has been on a losing streak for seven consecutive quarters. Last year, sales in the market plunged 36 percent to 3.2 billion euros, just half of 2019 levels."
https://wwd.com/business-news/financial/adidas-china-adrian-siu-interview-1235686187/
Also this:
"According to FT sources familiar with the matter, one of the senior managers targeted by the whistleblower was hired by new Adidas CEO Adrian Siu, who was hired by Chinese ling--ie maker Cosmo Lady in 2022."
https://www.mk.co.kr/en/world/11043394
Just saw this quote from an online source - don't know if it's accurate - document detailing accusations has been circulating in China, whistleblower letter sent June 7:
"According to the newspaper, the letter, allegedly written by "adidas employees in China," names several employees, including an executive in the company's marketing budget department. According to a document circulated in China this month on the social network Xiaohongshu, the equivalent of Instagram, the budget is 250 million euros a year."
Not worth risking your mental health whistleblowing.
Adrian personally hired these people too
Has to be questions
I’m not just sure, I can name several of them and the ways they enriched themselves. Problem is you need to be prepared to go through a lot of pain doing it because the mafia machinery will be relentless in its response and retaliation.
Fairly sure some last past leaders now lead the good life via this route
What gets me every time is the “we are shocked” reaction. There have been tons of indications in the past of embezzlement of marketing budgets but they always got drowned. I am so sick of the “we take such allegations serious…” announcements. The very persons putting out such statements are part of the kleptocracy. Adidas exists so some execs with decision power get to embezzle. That’s the company's real mission statement.
What companies were paying the bribes?