Invested through
  • Triodos Global Equities Impact Fund
  • Triodos Impact Mixed Fund - Defensive
  • Triodos Impact Mixed Fund - Neutral
  • Triodos Impact Mixed Fund - Offensive
  • Triodos Euro Bond Impact Fund
  • Triodos Multi Impact Fund
  • Triodos Future Generations Fund
  • Triodos Impact Strategy Fund - Defensive
  • Triodos Impact Strategy Fund - Balanced
  • Triodos Impact Strategy Fund - Offensive
  • Triodos Impact Strategy Fund - Dynamic
Asset ClassesListed equity, Impact bonds
Impact strategyImpact Equities and Bonds
ISIN codeXS2240505268
Industry groupConsumer Durables & Apparel
Aligned with SDGs
  • Good health and well-being

Adidas is a well-known producer of sporting goods. In 2019, it sold 448 million pairs of footwear (57% of revenue), 528 million pieces of apparel (38% of revenue) and 127 million pieces of sports hardware (5% of revenue). Footwear has been the fastest growing category (+15% since 2015), followed by apparel (+6%). The sporting goods industry is an established industry, but it still offers good growth prospects. Within the industry, adidas focuses on soccer, basketball, running, outdoor and training. It also sells lifestyle goods (fashion). Key brands are adidas and Reebok. The company is considering its strategic options for Reebok. Reebok contributes 7.5% to total revenue (EUR 1.7 billion). Adidas' roots trace back to 1924, when Adi Dassler started a shoe factory. In 1949, he started adidas. Brother Rudi is the founder of Puma, another well-known sports brand.

Investment rationale

Adidas makes a significant contribution to the Prosperous and Healthy People theme, but also contributes to the Social Inclusion & Empowerment. adidas derives most of its revenues from products that stimulate people to move and be physically active, thus contributing to their health (even if its products are often used for other than their intended purposes). adidas has introduced several sustainable materials, like better cotton - the company was a founder of the Better Cotton Initiative (BCI), recycled plastic from the oceans, and waterless dyeing. The company is also rolling out a global take-back programme in stores in key cities. It commits to only using recycled polyester by 2024 and aims to be carbon neutral by 2050 throughout its supply chain. . adidas is an advanced company when it comes to recognizing living wages as a salient issue and having effective processes in place to ensure progress. As living wages play a key role in limiting child labour, to the company makes a significant contribution to children's rights. This view is strengthened by adidas being mentioned as a leader in the Children’s Rights Benchmark (Global Child Forum in collaboration with the Boston Consulting Group). In addition, the company also collaborates with UNICEF on the integration of children's rights into a responsible sourcing framework. Through these activities, adidas makes a contribution to Social Inclusion & Empowerment as well.