Authorities raided Adidas AG headquarters in Germany on Tuesday as part of a years-long tax investigation.
The probe is looking at a five-year period starting in October 2019 and pertains to customs and tax regulations for products imported into Germany, an Adidas representative said in a statement.
On Tuesday, authorities conducted a search at the sportswear company’s HQ in Herzogenaurach and other offices. Adidas said it has been in contact with customs authorities for several years about the matter and is providing them with documents and information.
Adidas has been performing well under Chief Executive Officer Bjorn Gulden, who left rival Puma SE in late 2022 for the role. It raised its annual profit target in October amid a boom for retro sneakers like the Samba.
“The company does not expect any significant financial impact in connection with the investigation,” Adidas said in the statement.
The raid was first reported by Germany’s Manager Magazine.