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ADIDAS JERSEYS TAKE EARLY LEAD IN WORLD CUP WINS

Who's winning the World Cup? It's much too early to tell, but if you go by the apparel makers supplying jerseys to the 48 competing national soccer teams, Adidas has taken an early lead.

Teams wearing soccer shirts supplied by Adidas ADSGn.DE have won four matches played so far, with an additional five draws. That includes Sweden's 5-1 win over Tunisia on Tuesday, with the Tunisians wearing jerseys made by Italian sportswear maker Kappa.

Adidas-wearing Germany beat Curacao 7-1 on Sunday, although Curacao also wears jerseys supplied by Adidas.

Nike-clad NKE.N teams have won three matches so far, followed by Puma-wearing sides with one win.

World Cup soccer jerseys are big business for Adidas, Nike and Puma PUMG.DE. In the 2022 World Cup, retailers slashed prices for Germany jerseys after the soccer powerhouse unexpectedly failed to reach the knockout rounds.

This year's World Cup, hosted in the United States, Canada and Mexico, comes as Nike faces eroded market share. The company expects sales to drop 2% to 4% in the current quarter, and shares have fallen 28% this year. Its "Rip the Script" World ​Cup marketing campaign features soccer icons including Kylian Mbappé.

Adidas, long associated with soccer, is sponsoring 14 teams and also supplying the coveted match ball.

The longer a team lasts in the World Cup, the greater demand for its jerseys as it advances toward the finals. Betting odds show France, which wears Nike shirts, is heavily favored to win this year's World Cup.

As big as the World Cup is, it's just a small part of the overall businesses of the leading sports apparel makers. Keeping that in mind, shares of Nike are up 3.6% since the Cup kicked off last Thursday, while Adidas shares are up 1.2% and Puma has rallied 6.2%.

HSBC on Tuesday raised its rating on Puma to "buy" from "hold", citing Puma's ongoing brand transformation and meaningful growth opportunities in China.

(Noel Randewich)

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