By Ulrike Dauer
Sportswear maker Adidas said that some of its locations were searched on Tuesday in connection with an investigation on customs and tax-import regulations.
The company's statement confirms a report late Tuesday in Germany's Manager Magazin that said Bavarian tax investigation department and customs officials had raided Adidas's headquarters and other locations in Germany.
According to an Adidas email on Wednesday, the investigation covers the period from October 2019 to August 2024 and is related to compliance with customs and tax regulations related to importing products to Germany. The company is cooperating with the authorities and providing them with documents and information, it said.
Adidas said it has been in contact with the relevant customs authorities for several years regarding the investigation. In the email, it said it was working closely with the customs authorities on issues that "also arose due to differing interpretations of German and European law."
The company expects no significant financial impact in connection with the investigation, it said. According to media reports, the group has already set aside provisions.
Adidas primarily produces abroad. Almost 80% of the contract manufacturers of shoes, sportswear and accessories are in Asia.
Write to Ulrike Dauer at ulrike.dauer@wsj.com
(END) Dow Jones Newswires
December 11, 2024 02:58 ET (07:58 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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