Adidas abandons TV commercials and focuses on e-commerce

The company plans to focus on digital channels in the future to appeal to younger consumers, a crucial target group for the sporting goods giant.

"Digital communication is key for us, that's why you won't see TV ads anymore," CEO Kasper Rorsted told CNBC.

"All of our communication with consumers happens through digital media and we believe that in the next three years our online business can grow from around 1 billion euros to around 4 billion euros and we can create more direct communication with consumers," Rorsted said.

Rorsted took over as head of Adidas last year and has focused his strategy on digital retail sales.