Adidas could be in trouble as a 20-year shift towards more casual attire comes to an end

Former Canadian Prime Minister Justin Trudeau's Adidas shoes in May 2025.

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• Bank of America gave Adidas a rare double-downgrade, and now has a "sell" rating on the stock.
• It's a contrarian call, considering the bullishness of the rest of Wall Street.
• BofA says the Adidas brand as a 20-year "casualization" of fashion draws to a close.

We as a society are far more casual than we used to be.

People wear full-on pajamas to the airport.