Adidas's turnaround under CEO Bjorn Gulden is gaining commercial traction as the Samba/Gazelle/Spezial terrace franchise expands and full-price sell-through improves. Yeezy inventory has been monetized with proceeds dedicated to charity, removing the overhang. China direct-to-consumer rebuild is delivering double-digit growth from a low base. Operating margin recovery toward mid-single-digits in 2026 has multiple levers (gross margin mix, marketing leverage, opex discipline). Nike's organizational distraction creates share-gain opportunity.
Signals scoped to DE · Company-specific tagging coming soon.