Ticker ADS

Today's data summary

Market closed
% change
Price Euros
As of 16:38 17 Nov 2019
Market cap. Euros
53,268.28 million
As of 16:38 17 Nov 2019

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The devil wears Pradidas

Prada bag with Adidas shoe boxes inside

Designer label Prada is joining forces with sportswear brand Adidas for a much discussed project.

Once you've teased apart the verbosity - "authentic fusion", "performance-driven pedigree" and best of all "iconicity" - of the announcement, what does it boil down to?

A limited edition collection of shoes - presumably sports shoes - manufactured in Italy by Prada to be released this year. And a sailing shoe promised for next year. Because the "science of sailing" demands a different type of shoe, of course.

Adidas shares slip

Adidas trainer

Shares in Adidas fell by as much as 3% in early trading after the sportswear giant revealed weaker-than expected results for the second quarter.

In March, the German firm warned that it would struggle to meet demand for clothing in the US because of supply chain issues. Today, it said those problems would be fixed by the end of the year.

However, Adidas boss, Kasper Rorsted, pointed to another threat on the horizon expressing concerns about a currency war between the US and China.

"There is no winner in a currency war, eventually everybody will lose as it will lead to a slowdown in the world economy," he said.

The shares have bounced back a little and are now down 1.32% at 269.95.