Tariffs Will Mean US Adidas Price Rises: CEO Bjørn Gulden

Adidas is the latest company to say it will raise prices in the US because of tariffs.

“The latest iteration of tariffs will directly increase the cost of our products for the US,” CEO Bjørn Gulden said Wednesday, adding the levies could cost the company 200 million euros, around $218 million, in the second half of the year.

He added the company had a “negative impact in the double-digit euro millions” from tariffs in Q2.

In a statement accompanying the sportswear giant’s most recent results, Gulden added that the company was wary of a bullish outlook for the rest of 2025 because, “We feel the volatility and uncertainty in the world does not make this prudent. We still do not know what the final tariffs in the US will be.”

He was speaking as countries from which Adidas sources much of its products face tariffs.

Vietnam, Adidas’s largest sourcing country, accounting for 27% of the company’s total volume, will face a 20% tariff from August 1. Indonesia made 19% of Adidas’ products and will face a 19% tariff.

Adidas joins other companies saying they will raise prices because of tariffs. Its rival Nike said at the end of June that it would raise prices in the US to offset a predicted $1 billion rise in costs.

Macy’s, Shein, Temu, Ford, and Walmart have also said they will raise prices to offset tariffs.

Gulden added the company does not know “what the indirect impact on consumer demand will be should all these tariffs cause major inflation.”

He said Adidas will stick to its initial outlook for 2025 of operating profit between €1.7 and 1.8 billion. “We currently feel confident to deliver it, but of course this might change,” Gulden said.

Adidas’s stock was down 7% to €13.85 a share on Frankfurt’s stock exchange at 12:30 p.m. local time.

Revenue jumped about 2% year-on-year to almost €6 billion in the three months ending June 30. Operating profit rose 58% year-on-year in the second quarter to €546 million.