阿迪達(dá)斯近日公布了2010年一季度財報，顯示其每股凈收益從去年同期的500萬歐元猛增至1.6億歐元。

Although this figure indicates that Adidas is gradually coming out of the shadow of the financial crisis, it is easy to see that Adidas's poor performance in China has not improved since the fact that sales in the Greater China region decreased by 20% over the same period.

Due to Adidas's over optimistic assessment of the impact of the 2008 Beijing Olympic Games on its brand marketing, it has been handling inventory in 2009.

After a year of de stocking, inventory is no longer a problem, but the seriously frustrated sales channel system has not yet fully recovered, and has become an important reason for the decline in Adidas China's performance.

  　　  運營模式暴露隱患 

For a long time, Adidas has mainly focused on "light assets operation", and its sales business is mainly through distributors everywhere.

Baosheng international, Daphne and BELLE are the three largest distributors in China.

By the end of 2009, Adidas had about 5000 retail outlets in China, most of which were dealers.

During the 2008 Beijing Olympic Games, Adidas once surpassed its old rival Nike by 1 percentage points, becoming the first brand in China's sporting goods market.

However, behind the dazzling financial data, it is accompanied by a continuous escalation of its contradictions with domestic distributors. Its incentive is still the inventory problem of Adidas Olympic merchandise.

After the Olympic Games, as the products printed on the logo of the Beijing Olympic Games have expired, dealers have suffered enormous pressure from inventory, hoping to digest inventory through discount and promotion.

However, Adidas does not recognize the above actions from the perspective of brand price stability.

In order to curb the declining trend of the brand performance of the agency, agents such as BELLE and Daphne had to make a decision to close the store.

In the first half of 2009, the Adidas sales agency of Daphne closed 21.

Throughout 2009, at least 200 or more Adidas stores were closed.

For multinational enterprises, in the early stage of developing overseas markets, distribution mode is undoubtedly the most convenient and effective way to open up the market.

Initially, when Adidas just entered China, it was relying on its super giant position, through the manipulation of agents, rapid expansion in the market.

Many multinational companies, including Nike, have the same experience.

In recent years, the bargaining power of BELLE, Daphne, Baosheng international and other channels began to gradually increase, Adidas is no longer strong.

Data show that in 2006, BELLE only Nike brand sales reached the 1/4 of the brand's total sales in China.

Obviously, the channel problem is common in multinational enterprises, but the Olympic inventory has exposed the problem of Adidas earlier.

　　  本土品牌經(jīng)驗可鑒 

After encountering BELLE, Daphne and other big distributors' "labor pains", Adidas should be able to soberly recognize the disadvantages of channel agents.

If the sales channel is finally controlled by one or several sellers, Adidas loses not only the right to speak, but also the autonomy of final product sales.

Although early in 2009, Adidas proposed the idea of "making the company evolve into a company with considerable retail capability" and set up a new team to lead Adidas's retail business. But up till now, Adidas, which has only 2000 self retailing stores in the world, is still not enough "thick".

In fact, through the development of national brands such as Lining and Anta, it is easy to find the advantages of our own retail stores.

In 2009, Anta's sales revenue increased by 27%, and its net profit increased by 39.8%.

One of the important reasons for Anta's increase in profit is Anta's increase in the domestic retail stores within a year.

Lining also has a big shop.

In 2009, Li Ning Co increased the number of retail outlet stores by 1239 in the Olympic Games, making the total number of retail outlets in the country reaching 8156.

There are many natural benefits of light asset operation, but gradually controlling the terminal and making the company "heavy" is not a choice to reverse the dilemma.

Now, in the face of the sudden emergence of the brand of China's national sports, Adidas needs to regain the Chinese market.