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BERLIN, Germany — German sportswear company Adidas will close 16 stores in Europe for its teen brand Neo, focussing instead on offering its products through wholesale partners in the region, chief executive Herbert Hainer said on Wednesday.
While its own Neo stores have helped Adidas test new ways of engaging with young consumers, it has been more successful at selling Neo products through wholesale channels, Hainer told a conference call for journalists.
Hainer said the decision would not affect the some 2,000 Neo stores its franchise partners operates in China, adding that Neo sales, which reached one billion euros (£794 million pounds) in 2015, jumped another 60 percent in the first quarter.
By: Emma Thomasson; editor: Maria Sheahan.