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Our take
Adidas is likely growing running footwear faster than the US market, but the price of that growth is showing up in the US: most men's running shoes are marked down on adidas.com, including the Hyperboost line that only launched this year, and North America gross margin fell 380 basis points. Whatever Adidas is doing is working, for now.
Updated: November 5, 2026
How much apparel is inside Adidas' 19% running growth, and markdown checks on adidas.com, nike.com and run specialty showing what US growth costs.
Store checks at athletic retailers in Hong Kong and Japan: HOKA, On and Arc'teryx look strong while Nike is heavily discounted in Japan.
Adidas looks set to win in three of its four key sports, with the US World Cup as its way into American consumers.
Fourth semi-annual mall channel check: softer traffic, tighter promotions, and who is winning in athleisure.
Of course Adidas starts the call off by talking about breaking the two-hour marathon barrier. The shoe is already reselling on StockX at $5,000.
“In a complicated world with many negative things there are also great sport events” – CEO Bjorn Gulden. Have to say, really like Bjorn a lot.
