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Beijing – Sports brand Adidas is investigating an alleged large-scale bribery case in China after several local employees accused managers of embezzling millions of euros, the Financial Times reported on Sunday.
According to the newspaper, a Chinese executive and other employees were accused by other local employees of the brand in China in a letter that circulated on the Xiaohongshu social network and was later censored.
Among the defendants is a manager in charge of Adidas’ marketing budget in China, who is suspected of defrauding €250 million ($267.5 million), the Financial Times reported.
The newspaper noted that the German group received a letter on June 7 warning it of “possible irregularities” in China.
Adidas’ revenue in the first quarter of 2024 was 170 million euros. By geographical region, sales declined in North America (5%) and Japan and South Korea (2%), while they grew in Europe (15%), China (2%), emerging markets (6%) and Latin America (3%). JS
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