The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Graham Ian Renwick - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Thanks for a great set of presentations, very well delivered. I just have 2 questions. Firstly, just thinking about online Wholesale. How much do you
think that will represent group sales by 2025. So in addition to the 50% DTC, how much do you think adidas will be online overall in 2025? And
would you then aim to shift all Wholesale online business to an e-concession partner program model? And if so, can you talk around the economics
of that because presumably it'd be a lot more profitable than ordinary Wholesale.
And then secondly, just on margin, how should we think about the part of margin improvement in 2025? Should we expect a quick recovery back
to 2019 margin levels, and then more moderate expansion thereafter? Or is there any front-loading of investment we should be considering? Or
should we simply assume a more linear part from 2021 to 2025?
Question: Graham Ian Renwick - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Okay. And just a follow-up. With the Wholesale online accounts, do you think that over the coming years, you will shift more or less to an e-concession
model? And if so, what are the economics around that? Because I assume that would be a lot more profitable than beginning with them on Wholesale
terms.
Question: Jurgen Kolb - Kepler Cheuvreux, Research Division - Analyst
: Two questions from my side. First one, maybe on, again, the sportswear category. Maybe you can share with us where is the difference to -- you
had a similar -- I shouldn't say similar, but you did have a brand called neo, which was also targeted a special customer group, so where do you see
the differences between the former approach on neo, which was then, I think, handed over to the Wholesale partners, and your sportswear partner.
And in this connection, you're also planning to have a dedicated sportswear retail chain so that you have dedicated line of products.
And then secondly, on the marketing side. I think you indicated that the actual marketing to sales ratio will probably stay unchanged going forward
also to 2025. Considering that you do more business online, one could assume that the efficiency of the marketing spend increases. So how do
you think the -- will the compilation of the marketing spend in terms of spending for campaigns or spending for sports assets going into advertising
and promotion? Or is that going to stay about a 50-50 level here?
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