Adidas is making 5 drastic changes to win back customers
Adidas has set ambitious goals to increase sales and profitability over the next five years as it continues to lose market share to rivals Nike and Under Armour.
Adidas said Thursday that it expects to grow profit by 15% every year until 2020 (up from the 7%-10% increase it expects in 2015) and grow sales sales by almost half to more than $24 billion by 2020, Reuters reports.
The company's five-year plan, which it revealed at an investor meeting on Thursday, includes a proposal to use robots to bring manufacturing back to Europe and to the US from Asia.
The company said it's also planning to open hundreds of new stores.
The stakes have never been higher for Adidas. Its North American sales have been falling for the past three years and Under Armour recently rose to become the No. 2 sportswear company in the US behind Nike, pushing Adidas to third place.
Here's some of the company's key proposals: