The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
HERZOGENAURACH, Germany — Adidas AG said it plans to add Nassef Sawiris, Egypt's richest man, to the supervisory board as the shoemaker enlarges its governing body.
Sawiris, one of the largest shareholders in Adidas, will be put forward for election at May’s annual meeting, the sporting-goods maker said in a statement Wednesday. Ian Gallienne, co-chief executive officer of Groupe Bruxelles Lambert, a holding company linked to Belgian billionaire Albert Frere, has also been nominated. Employees will elect two other members.
Adidas disclosed in October that Sawiris’ NNS Holding owns 6 percent of the voting rights, a position it still holds, according to the company’s website.
Adidas shares have risen 11 percent this year, helped by the appointment of Henkel AG’s Kasper Rorsted as the next chief executive officer and higher sales and earnings forecasts.
ADVERTISEMENT
The supervisory board will increase to 16 members from 12, which Adidas said will reflect “the increasing size and internationality of the company’s business.”
By Paul Jarvis; editors: Matthew Boyle, Thomas Mulier and Phil Serafino.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.