How FNAA 2024 Person of the Year Bjørn Gulden Put Adidas on an Exciting New Path
On Dec. 4, Bjørn Gulden will be honored with the Person of the Year award at the 38th annual FN Achievement Awards. Below is a conversation with the Adidas CEO from the magazine’s Dec. 2 print issue, talking about his part in the company’s dramatic turnaround.
When Bjørn Gulden assumed control of Adidas in January 2023, the industry veteran inherited a company in turmoil. With determination, grit and seasoned business instincts, the chief executive officer led a remarkable revival that has once again put the Three Stripes at the center of the sneaker conversation.
But if you ask Gulden, its his team at Adidas that deserves all the credit.
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“We have worked hard to get where we are. That result is because of many people,” the Adidas chief told FN last month. “We have a long way to go, but we have the things in our hands to take it to the next level. But this is a team thing, not an individual thing.”
Adidas raised its guidance three times in 2024, and in October, the company predicted growth of roughly 10 percent for the year, rather than a previously expected increase in the mid-single digits. In its most recently reported quarter, sales hit 6.44 billion euros (or $6.79 billion at current exchange), compared with 5.99 billion euros (or $6.31 billion) in the third quarter last year.
Though the rapid pace of this turnaround seemed unlikely last year, since Gulden’s appointment, the company has found success in several areas. For instance, the Samba — which was the 2023 FNAA Shoe of the Year — led the soccer-inspired “terrace” trend. And in performance basketball, it won over hoops fans with the release of Anthony Edwards’ signature shoe, the AE 1.
“Adidas’ turnaround stood out because they didn’t just navigate challenges. They set the tone for the industry,” said Martin Badour, president of Snipes USA. “In a tough market, they leaned into innovation, stayed culturally relevant and delivered products that resonated with consumers, proving they’re always a step ahead.”
And Snipes CEO Dennis Schröder added that Gulden’s leadership has been an important component in its resurgence.
“A strength of Bjørn Gulden is definitely his realistic and holistic perspective on the market,” Schröder said. “As a leader, he not only manages to keep up with the speed of the market but is regularly ahead of it, focusing on the right product and optimized supply chains. Bjørn sets the right impulses for success.”
Here, Gulden talks more about Adidas’ highs and lows this year, as well as where the athletic giant is headed next.
You were under a lot of pressure when you took the reins. How have you approached the turnaround process?
Bjørn Gulden: “I’ve known the Adidas brand for many years, and I respect the possibilities. When I got the chance to run the company, I [knew we could] turn it around, but your enemy is always time. The beauty of coming from the outside when you have a management change is that they allow you that. They would not have hired me if I needed to turn things around in six months. If you have unlimited time, you can turn any company around because you can do things at the right sequence. Being public, you’re always under short-term pressure. The reason why I’m calm is that I’m old and I’ve done this a couple of times. As long as I’m healthy, I will always be calm.”
How did you make sure the industry understood your vision?
BG: “[We] showed both retailers and consumers that Adidas is back. If we please the consumers well enough and the retailers are with us, they can make money, and that’s the whole purpose. I’m a tool for them to make money, and if they don’t, then they don’t need me. The suppliers, the brand and the retailers need to work hand in hand, and maybe one of my strengths is that I know that chain and I am trying to be a fair partner. You need to trust people more in the chain, and you need to be more local in your decision-making because you cannot do everything [centrally]. It just doesn’t work anymore.”
You’re fiercely passionate about great product. How do you tell the innovation story in the right way?
BG: “Given the negativity that was around the company, it needed a new leader, and that happened to be me. But there are many people who could have done the same, or maybe even better. If there’s one thing I stand for, it’s focusing on the things that are relevant — the people, the product and the consumer, and therefore the retailers and the athletes. There’s a joke about me that we now have 35,000 articles sampled and we have a building full of products. The reason for that is, when you’re being accused of not having the right product, the best thing to do is showcase that it’s not true and show the product. If you’re a buyer and you see 2,000 products on the showroom wall, it takes you five minutes to get the impression of what this is all about. If you look only at a screen, you lose interest after 10 screens. If I should take credit for one thing, I think it was bringing back the focus on the strength of ideas when it comes to product and the brand.”
It was a big sports year across the board. How did Adidas capitalize?
BG: “Having the Euro [UEFA European Championship] here in Germany and seeing how the brand showed up across the activations, the players, the teams, and then ending with Spain winning, that was great. And parallel, Argentina won the Copa [América]. And then going to the Olympics and seeing Adidas showing up as the sports brand it is. Those two events, for me, were goosebumps things because it showed the importance of sports again. The fans, the full stadiums, the positivity, and Adidas in the middle of it looking great. That’s where, at least emotionally, everything comes together and you say, ‘Wow.’ But then you see that the brand is turning around and your like-for-like sales are going up every week, every month, and you get this feeling again that the consumer wants your product. There is nothing nicer than that.”
What did you struggle with the most this year?
BG: “In the beginning, it was to supply the demand. It’s frustrating when there’s a demand and you can’t fulfill it. It’s bad when you have people screaming for your product, but you don’t have any. The pressure put on manufacturers and the supply chain was tough because when the momentum came, we knew we had to deliver. That was a challenge, but the team was fantastic. And a difficult emotional thing was the negotiation with the German [Soccer] Federation. We came to the conclusion that, after all the years, we would give up the German national team, this symbol of Adidas in Germany. It was difficult because it created so much noise. The decision was rational, it was easy, but the consequence was it became a huge issue. That was emotionally not easy to deal with. I struggled with that personally.”
Is the Kanye West saga fully behind Adidas?
BG: “The relationship with him was over at the end of 2022 and I started in ’23. What I have dealt with is to get rid of the inventory and then try to utilize whatever income we got out of that to do something good. For me, we start in 2025 clean. We have no more inventory and we have business plans and product plans that have nothing to do with it, so that chapter is over.”
The second Trump term could bring new tariffs and other changes to the U.S. market. How are you preparing?
BG: “Regardless of who the president is, it starts with what Adidas can do for the American consumer. John [Miller], the president of Adidas North America, and Torben [Schumacher], who heads up the lifestyle piece in L.A., they decide what we do in the U.S. My job is to facilitate so we can do the right thing. Supply chain-wise, regardless of what happened in the U.S., we have already separated the China-to-U.S. supply chain. So what we need to do is better connect with the U.S. consumer, [such as] being in high school sport, college sport — and be part of American street culture. You can only do that in the U.S.”
Nike is looking to reboot under a new CEO, and brands including New Balance and Asics have a lot of momentum. How do you stave off the competition?
BG: “By focusing on the consumer. I don’t see my job as competing. I see my job as satisfying and pleasing a consumer, and there are enough consumers out there. If you do a good job with her and him, we will win the consumer. Far too many people are trying to measure what they’re doing compared to somebody, and you can look at market shares in 10 different ways. My goal for my team is to make innovative products that are linked to what the consumer will buy and do that better and better — and then we will grow.”
Soccer-inspired footwear has been a style staple the past couple of years. Will that continue?
BG: “The relaunch of the brand came with the Samba, Gazelle and Spezial — and people are worried that when that slows down, what happens? But if you look at our range, you will see that the Samba consumer has so many options. At the same time, we’ll utilize the brand heat to establish a wider offer in lifestyle running, which started with the SL 72. You have the Aruku, which is very directional, you have Megaride. We have basketball with [Anthony Edwards], we have soccer, running and we are increasing our other performance businesses. We have a good plan for the next 18 months and have all the tools to react to any changes and be as humble and nimble as we should be.”
For 38 years, the annual FN Achievement Awards — often called the “Shoe Oscars” — have celebrated the style stars, best brand stories, ardent philanthropists, emerging talents and industry veterans. The 2024 event is supported by sponsors Listrak, Marc Fisher, Nordstrom and Vibram.
