Adidas shares owned by Egypt’s richest man Nassef Sawiris exceed $2.7 billion

by MMC
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German sportswear giant Adidas continues its stock market rally, with shares gaining more than 10 percent since the start of the year. The rise significantly boosted the wealth of Egypt’s richest man, Nassef Sawiris, whose stake in the sports clothing and equipment maker topped $2.7 billion, according to the Bloomberg Billionaires Index.

As of today’s close, Adidas shares on the “Deutsche BankThe Frankfurt stock exchange has risen 11.46 percent since the start of the year, from 182.22 euros ($197.91) to 203.10 euros ($220.55). The increase brought the company’s market capitalization closer to the $40 billion mark, reflecting investors’ strong confidence in Adidas’ future performance.

Increase in Adidas stake increases Sawiris’ wealth

Nassef Sawiris, who recently announced plans to move its family office to Abu Dhabi, owns a 7 percent stake in Adidas. The recent rise in the company’s shares has significantly boosted Sawiris’ wealth, with his stake now valued at $2.71 billion, up from $2.43 billion at the start of the year.

Sawiris’ increased stake in Adidas has played a central 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 the writing of this report. This makes his stake in Adidas his largest asset, solidifying his position as the fourth richest individual in Africa and the richest in Egypt and the North Africa region.

Adidas thrives and looks at Taylor Swift

The rise in Adidas shares is attributed to positive investor reaction to the the company’s resilient financial performance in 2023. Despite challenges such as ending its partnership with Kanye West’s Yeezy brand, Adidas beat expectations, reporting an operating profit of 268 million euros ($292 million), beating forecasts by nearly ‘one billion euros ($1.08 billion).

Looking ahead, Adidas is actively exploring new collaborations following its split from Kanye West. During the recent earnings presentation, Adidas CEO Bjorn Gulden hinted at potential partnerships with pop culture icons, with American music superstar Taylor Swift emerging as a favorite. Gulden highlighted Swift’s affinity for Adidas products, pointing to a promising path for future growth and expansion of the brand.

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