Where's China Going? Exclusive Q&A With Erick Haskell, COO of Adidas China

Dynamic, diverse, and driven are a few words that come to mind when attempting to describe Erick Haskell, COO of Greater China for the Adidas Group (ADDDF.PK).  But, truth is, even these bold adjectives do not do justice nor come close to painting the collective picture of this accomplished, well-traveled family man.  Furthermore, his unique approach to life and business pursuits has led to success at each of his domestic and overseas stops. 
 
Mr. Haskell best summarized his drive and approach to life over the past 30 years, recalling a quote from his fourth grade teacher, Mr. Christensen:
 
“You can never get back a wasted moment.”
 
And his life and career certainly embody this simple yet profound motto.

Born in Silicon Valley, Erick Haskell grew up in Southern California.  After a quick return to Northern California and a stop in Omaha, he went to high school near Denver.  He attended George Washington University for his undergrad, George Mason University for a Master’s in International Trade and Finance, and The University of Chicago for a Master’s in Business Administration.  His career has seen stops in Washington, Minneapolis, San Juan, Miami, San Francisco, Phoenix, Tianjin, and Shanghai.  He has spent much of his career cultivating and furthering business interests across the globe, and more specifically in Latin America and the Far East (China).
 
Oh, and did I mention that he also runs marathons.  So apropos.  In fact he recently ran his personal best in Beijing (2:59, but who’s counting), and he is training for the 2012 Boston marathon.  From stocking shelves to powering start-up companies to managing business lines and serving as CFO or COO for three companies, Erick has a wealth of experience and diversity.
 
And the story isn’t over.  Not even close.  Erick is moving forward at full throttle, not wanting to waste a single moment.
 
In the interview below, Erick Haskell and I discuss business and life in China, career diversity, and work abroad, amongst other topics.  Enjoy.
 
 
What did you do for fun growing up?  And can you share a few memories?
 
As a kid, all I cared about was sports.  Although I played virtually every sport at some point, my real love was baseball.  Growing up in Southern California, we could play year around and would do so virtually every day until the sun went down.  I was the captain of my high school baseball team in Colorado, where we nearly won a state championship.
 
Do you have a favorite sports team(s)?
 
My favorite sports teams are a reflection of the many moves that I have done over the years.  I am a big supporter of the Denver Broncos, Chicago Bulls, and San Francisco Giants.
 
What was your first job in high school?  And first job out of college?
 
Perhaps presaging my future career in retail and consumer goods, my first job in high school was stocking the shelves in the toy department at the Target (TGT) in Littleton, Colorado. 
 
Out of college, I was very fortunate to join an innovative start-up company called Seed Capital Development Fund, which was one of the pioneers in microfinance.  Although microfinance is relatively well recognized now, it was virtually unheard of in the early 1990s.  We specialized in making investments in financial institutions in Latin America that in turn lent money to poor entrepreneurs.  It served as a great foundation for the rest of my career.
 
When did you decide on your current profession or arena of interest, and how did that come about?
 
Ever since a month-long backpacking trip across Europe on the trains following my high school graduation, I’ve had the desire to live and work overseas.  I enjoy traveling, seeing new places, and learning about new cultures.
 
I’ve been lucky that my career has allowed me to travel to dozens of countries in virtually every part of the world.  To be honest, corporate finance bores me to tears.  During nearly 10 years as a CFO for three companies, it has been working overseas that has made the work interesting and exciting.
 
What drew you to Adidas and further, what drew you to the opportunity in China? 
 
I landed in China quite by accident.  Much of the first half of my career was spent in Latin America.  I had really spent very little time in Asia.  However, a former boss of mine was hired to be CEO of a large Chinese retail company and he asked me to join the company as CFO.  This was in late 2004 and the buzz about an awakening China was getting very loud so I jumped at the opportunity.  Several years later the company was successfully sold to an even larger state owned conglomerate.
 
Around this time I was being recruited to become CFO of Adidas Greater China.  After spending a few years in China, I knew that the brand was extremely strong in the market.  As a lifelong athlete and sports fan, I was drawn to the opportunity of joining a world-class sports company.  Also, this was in early 2007 and Adidas had already secured the right to be the exclusive sporting goods sponsor of the 2008 Olympic Games in Beijing.  It was bound to be an exciting ride.
 
How would you describe Adidas corporate culture?
 
As a company that strives to be the leading sports brand in the world, you can imagine that the corporate culture is driven by young, energetic people who like to win.  I have been impressed by the pride that people take in working for a company that contributes to the success of so many world-class athletes and sports teams.  Although it may sound cliché, a passion for sport really does permeate the culture at Adidas.
 
Although the company is headquartered in Germany and has a rich German history extending back nearly a century, the company is truly global in its reach and its corporate culture.  The headquarters team in Germany, as well as the management of subsidiaries such as China, is incredibly diverse.  This adds to the appeal of the corporate culture at Adidas.
 
Are you seeing more Westerners working and doing business in China, and further do you see this trend continuing?
 
Absolutely.  As Western companies continue to enter China to take advantage of the massive opportunities, you see more Westerners working here on either short term or long-term assignments.  Also, what may have been somewhat of a hardship posting several years ago has now become a very desirable assignment for many Westerners.  Compared to when I arrived seven years ago, the amenities available to Western expats in China have improved greatly.
 
China has been pulling in the credit reigns over the past year or two in an attempt to cool the economy.  Has this affected consumer spending or trends?  And how, if at all, has this impacted Adidas?
 
Unlike Americans, the Chinese tend not to finance their daily lives through excess leverage.  The individual savings rate remains near 40% and borrowing for consumer goods remains very uncommon.  Therefore, the recent tightening measures by the government have not adversely impacted consumer spending – certainly not at Adidas.  The restriction of credit and higher interest rates has had a much larger impact on sectors such as residential real estate.  To the extent that consumers are beginning to behave cautiously, I would attribute it to declining real estate prices and the poor performance of the Chinese equity markets. This paper loss of wealth seems to be creating an overall sense of caution.