By Helen Reid

LONDON, Feb 28 (Reuters) - Whether Adidas ADSGn.DE can win more American shoppers from market leader Nike will be key to its continued success this year, investors and analysts said, as the German brand looks for new sources of growth beyond its Samba and Gazelle sneakers.

Uncertainty over whether consumer demand in China will recover has driven many brands, including in the luxury sector, to focus more on U.S. shoppers as a growth driver for 2025.

Chief Executive Bjorn Gulden has turned Adidas around since the brand cut ties with rapper Ye and scrapped its lucrative Yeezy sneaker line in October 2022. Shares in Adidas ADSGn.DE have risen 160% since his appointment was announced the following month.

Investors will expect Gulden to explain how Adidas can keep gaining market share from Nike NKE.N while also fending off newer sportswear brands like On Running and Hoka DECK.N when it reports full-year results on March 5.

Nike's share of the global sportswear market fell to 14.1% last year from 15.2% in 2023, according to GlobalData. Adidas' market share increased to 8.9% from 8.2%, and other gainers included New Balance, On Running, and Hoka.

UBS analysts said European brands have historically struggled to compete in the United States, and North America has been a laggard for Adidas recently, though they see that changing.

The Germany company's North American sales, which were down 7% in the third quarter from the previous year, have not fully recovered from the end of its Yeezy line, which was popular in the United States.

Overall, Adidas sales grew 19% in the quarter to December 31, and 12% over 2024 as a whole, while Nike's sales were down 9% in its latest quarter ending November 30 last year.

"The difference between Adidas and Nike's growth is huge right now," said Thomas Jökel, portfolio manager at Union Investment, which holds shares in Adidas.

Adidas' overall sales should keep growing by at least 10% annually as long as Nike is struggling, said Jökel, adding that the United States and broader North American market is a key battleground.

Adidas has been targeting U.S. consumers, recently launching an apparel and shoe collaboration it said was inspired by "collegiate Americana" with Los Angeles-based label Sporty & Rich, and a new Superstar 92 sneaker with American musician and designer Pharrell Williams.

Its recent athlete signings include Women's NBA player Satou Sabally and college football player Travis Hunter.

"Adidas is making strong market share gains in the U.S. in direct-to-consumer and sporting goods retail, driven by the Terrace franchise (Samba, Gazelle) which has seen strong sell-through at full price through the holiday season," said Aneesha Sherman, analyst at Bernstein.

(Reporting by Helen Reid; Editing by Matt Scuffham and Emelia Sithole-Matarise)

((Helen.Reid@thomsonreuters.com; +44 7584 155 200 ;))