Adidas’ German headquarters was raided on Tuesday in connection with a yearslong tax investigation, as confirmed by the company in a statement to CNBC. Authorities are scrutinizing customs and tax regulations related to products imported into Germany over a period spanning roughly five years from October 2019 to August of this year, according to a spokesperson. Searches were conducted at offices in the company’s Herzogenaurach headquarters and other locations. Adidas stated that it has cooperated by providing investigators with relevant documents and information, having been in touch with customs authorities regarding the issue over the past few years.
The company mentioned in the statement that it does not anticipate any significant financial repercussions from the investigation. It also stated that it is actively collaborating with customs authorities to address discrepancies arising from differing interpretations of German and European laws. This tax investigation comes on the heels of a recent scandal involving the sneaker maker’s fallout with Ye, the artist formerly known as Kanye West, due to controversial comments he made.
Further details about the tax investigation were not immediately available. Despite this development, shares saw a slight increase in extended trading.
