Adidas CEO says to cut product range by 25 percent

FRANKFURT: German sportswear group Adidas plans to slash the number of products it offers by a quarter to improve its profitability, Chief Executive Herbert Hainer told a newspaper.

"We just have too many products," Frankfurter Allgemeine Zeitung quoted Hainer as saying in an excerpt of an interview to be published on Saturday. He said Adidas offers almost 47,000 different products.

Adidas aims to grow its sales to 17 billion euros ($22.21 billion) and improve its operating margin to 11 percent by 2015 as it strives to overtake market leader Nike.