Retail Matters: Adidas growth accelerates during the World Cup; Chinese Aggregator growth declines sharply in Europe

Research evidence excerpt

Retail Matters: Adidas growth accelerates during the World Cup; Chinese Aggregator growth declines sharply in Europe

Equity Research

20 July 2026 | 4:41PM BST

EUROPE RETAIL

Retail Matters: Adidas growth accelerates during the World Cup;

Chinese Aggregator growth declines sharply in Europe

In our monthly Retail Matters reports, we aim to apply a micro-level lens to the Richard Edwards

+44(20)7051-6016 |

apparel and footwear companies in our coverage. Through an analysis of the richard.edwards@gs.com

Goldman Sachs International

high-frequency alternative data available to us, we endeavor to isolate the demand,

Ben Williamspricing and discounting signals most relevant to near-term fundamentals. In this +44(20)7051-0661 |

June issue, we conclude the following four points: ben.williams@gs.comGoldman Sachs International

Hamish Bogdan1) Adidas sees growth accelerating during the World Cup: As expected, Adidas +44(20)7552-2214 |

appears to the primary beneficiary from the 2026 FIFA World Cup with global web hamish.bogdan@gs.comGoldman Sachs International

traffic +74% yoy and record search interest for the company both in relation to the

event as well as for the Adidas World Cup ball. Elsewhere, On continues to see strong

growth in its unique web visitors yoy as well as in China, albeit its growth in China is

slowing from highly elevated levels and wholesale discounting activity remains well

above 2025 levels.

2) Chinese Aggregator growth declines in Europe: Following the introduction of a

new €3 customs duty on items in small parcels valued at less than €150 entering the

EU, Chinese aggregator app MAU’s growth in the region has fallen sharply -17.1% yoy

in June, albeit growth in the US remains strong at +39.8% yoy, following the