Could adidas Be a Millionaire Maker Stock?
In the documentary The Last Dance, it was revealed that Michael Jordan's first choice for a sneaker deal when he went pro was adidas (OTC: ADDY.Y) -- he loved the German athletic brand and wanted to wear its shoes in the National Basketball Association. But while adidas was reluctant, Nike was willing, and the Air Jordan phenomenon was in no small part responsible for Nike's multi-decade sportswear dominance. Today, Nike's market cap is almost three times the size of adidas'.
In recent years, though, adidas has begun to make a comeback. It launched a plan back in 2015 to increase its online sales and visibility in the lucrative North American market -- coinciding with Kanye West's adidas Yeezy shoes that same year after West ditched Nike. Since then, adidas' stock has grown nearly three times more than Nike's.
At this juncture, deep in recession and with the world still reeling from COVID-19, adidas is holding its own. As it's such a large operation, it's unlikely to send your portfolio into the stratosphere all by itself. But it might help, as the three-striped apparel maker picks up where it left off pre-pandemic.
Source Fool.com