Adidas’ German headquarters in Herzogenaurach was raided Tuesday as part of a customs and tax investigation, the company confirmed in a statement to CNBC.
The probe focuses on compliance with customs and tax regulations for products imported into Germany over a five-year period from October 2019 to August 2024, according to a company spokesperson.
Searches and Ongoing Cooperation
Authorities conducted searches at Adidas’ main offices and other locations. The sportswear giant said it has been in contact with customs authorities for several years regarding the matter and has provided investigators with relevant documents and information.
In its statement, Adidas emphasized:
“The company does not expect any significant financial impact in connection with the investigation.”
The company added that it is working closely with authorities to address discrepancies stemming from differing interpretations of German and European law.
Recent Challenges for Adidas
This investigation marks another setback for Adidas, which has been under scrutiny following its split from Ye, the rapper formerly known as Kanye West, over his antisemitic remarks. That breakup significantly impacted Adidas’ financial performance, especially in its popular Yeezy product line.
Limited Market Reaction
Despite the investigation, Adidas shares saw a slight uptick in extended trading. No additional details about the tax probe have been disclosed.
The company remains focused on clarifying the regulatory issues and maintaining business operations.
