Adidas and Puma shares join in sell-off as Nike sales falter 

Adidas and Nike shares have risen 44% and 6% respectively this year, while Puma shares have shed 11%

Nike shares plunged as much as 11% in New York trade after it said it was looking for €1.8bn in cost savings.

Shares in European giants Adidas and Puma joined in a sharp sell-off for the sports clothing suppliers, and shares in retailer JD Sports also fell, after Nike in the US warned that sales were slowing.

Nike shares plunged as much as 11% in New York trade after it said it was looking for as much as $2bn (€1.8bn) in cost savings by dismissing workers and simplifying the company’s product line-up amid a weaker sales outlook in China and around the world.