Bjørn to Run

Key Takeaways

• Adidas cleared over $1B of unsold Yeezy stock under Gulden
• CEO Gulden previously led Puma and Pandora, bringing cross‑industry experience
• Recent exec exits signal internal turbulence and possible strategic shift
• Sales growth slowed to low‑single digits, eroding market share

Pulse Analysis

When Bjørn Gulden assumed the Adidas helm in 2023, the company was grappling with a $1 billion Yeezy surplus and a share price slumped by more than half. Leveraging his experience at Puma and Pandora, Gulden orchestrated a rapid inventory purge and refocused the brand on core performance lines, stabilizing investor sentiment and restoring modest revenue growth. This early success highlighted his ability to navigate brand crises and re‑align product strategy in a volatile market.

Yet the optimism has dimmed. In the past six months, Adidas has seen a wave of senior‑level exits, including its chief marketing officer and head of global supply chain, raising concerns about internal cohesion. At the same time, top‑line growth has decelerated to low‑single‑digit percentages, lagging behind rivals that are capitalizing on direct‑to‑consumer channels and innovative collaborations. The combination of leadership turnover and tepid sales suggests the turnaround may be entering a more challenging phase, with pressure to deliver sustainable profitability.

Looking ahead, Gulden must balance cost discipline with fresh product innovation to recapture market share. Analysts point to potential growth levers such as expanding sustainable material lines, deepening digital commerce capabilities, and forging strategic partnerships outside traditional sneaker segments. For investors, the key question is whether Adidas can translate these initiatives into consistent top‑line momentum without repeating past inventory missteps. The company’s ability to navigate these strategic inflection points will determine its long‑term standing in the global sportswear arena.