Adidas, the German sportswear giant, continues to surge on the stock market, with shares up more than 10% year to date. Egypt’s richest man, Nassef Sawiris, has seen his stake in the sportswear and equipment manufacturer increase to more over $2.7 billion, according to the Bloomberg Billionaires Index.
Adidas shares on the “Deutsche Börse” stock exchange in Frankfurt have increased by 11.46 percent year-to-date, from €182.22 ($197.91) to €203.10 ($220.55). This growth has brought the company’s market valuation closer to $40 billion, indicating high investor confidence in Adidas’ future performance.
Nassef Sawiris, who recently revealed plans to transfer his family office to Abu Dhabi, has a 7% investment in Adidas. The recent jump in the company’s shares has dramatically increased Sawiris’ wealth, with his holding now worth $2.71 billion, up from $2.43 billion at the beginning of the year.
The increase in Sawiris’ Adidas stake has played a critical role in his wealth growth this year, with his net worth increasing by $233 million since January 1 to $8.64 billion at the time of writing. This makes his Adidas holding his most valuable asset, cementing his status as Africa’s fourth richest person and the wealthiest in Egypt and the North African area.
Adidas shares have surged due to investors’ positive reaction to the company’s strong financial performance in 2023. Despite problems such as the end of its association with Kanye West’s Yeezy Brand, Adidas reported an operational profit of €268 million ($292 million), exceeding projections by roughly €1 billion ($1.08 billion).
Adidas is actively seeking fresh collaborations following its split from Kanye West. During the recent results presentation, Adidas CEO Bjorn Gulden hinted at prospective partnerships with pop culture luminaries, with Taylor Swift emerging as a front runner. Gulden emphasized Swift’s preference for Adidas items, indicating a possible avenue for future growth and brand extension.