At the same time, the company’s weaknesses and growth pain points are equally prominent—and have become the central tests on its path to an IPO. First, control gaps in the franchising model are glaring. With franchised stores accounting for more than 95% of the network, quality control is extremely difficult. In 2024, the “worm incident” at a Beijing franchise store triggered a crisis of trust in the brand; related complaints on the Black Cat platform exceeded 380. Revenue at some outlets plunged by 30%. Meanwhile, in 2025 the ratio of newly opened to closed franchise stores deteriorated from 15:1 to 3:1. Franchisees’ payback periods averaged 13–20 months—and could be longer in top-tier cities due to intense competition. Waning franchisee enthusiasm directly undermines the stability of the company’s core source of revenue.
Read the full story at The Verge.
，这一点在雷速体育中也有详细论述
“总书记强调，更加注重法治与改革、发展、稳定相协同，更加注重保障和促进社会公平正义。这为新时代审判工作高质量发展提供了根本遵循和科学指引。”贾宇说。
Adidas acquired Reebok in 2006 for about $3.8 billion in a bid to strengthen its position against Nike in North America. The brand later lost prominence within the German group and was sold to Authentic Brands Group in 2022.
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