Rewiring Adidas Footwear Supply Chain: Efficiency, New Tech But ASP Pressure

研报英文原文证据摘录

Rewiring Adidas Footwear Supply Chain: Efficiency, New Tech But ASP Pressure

ASIA-PACIFIC | Apparel, Footwear &

Textiles EquityJuneResearch24, 2026

Rewiring Adidas Footwear Supply Chain:

Efficiency, New Tech But ASP Pressure

Our recent checks on Adidas show significant supplychain upgrades,

including supplier consolidation (Huali) and a wider adoption of 3D printing

technology (2Q26's major upgrade to the Climacool franchise). We remain

positive on Adidas but expect a mixed outlook for the footwear OEMs

(volume growth at the expense of ASP pressure).

*Footwear supplychain's "re-consolidation": After Ching Luh's exit (progressively between

2019 and 2023), Adidas footwear supplychain likely experienced some inefficiency. For

instance, smaller OEMs with weaker scale and R&D capabilities took more wallet share.

However, our checks indicate that Adidas started to re-consolidate its footwear supply chain

in 2024. The most notable move was to add Huali as an Adidas supplier in 2024. Huali is one

of the largest sports footwear makers in the world.

*Adding new advanced production capacity: Moreover, based on Huali management, Huali

is likely to build more production clusters dedicated to Adidas. These new compounds may

include R&D, data analytics, and advanced production capabilities (mesh, foam, smart cell

assembly, etc.), potentially making it one of the most efficient suppliers for Adidas.

*The new Climacool marks another major attempt in 3D printing: In 2Q26, Adidas showcased

its next generation Climacool footwear in China. This includes prototype 3D printed basketball

shoes and soccer boots, as well as Climacool Laced. We view the Climacool Laced as an

important technology breakthrough. The shoe consists of only 3 major components and is

almost fully 3D-printed.