German sportswear giant Adidas has unveiled plans to make some of its products in Europe instead of Asia.

Adidas said it was testing automated production technology that could speed up manufacturing, as the company aims to maintain market share.

"We will bring back production to Europe. We will bring back production to where the main markets are," said chief executive Herbert Hainer.

The company revealed a new five-year plan as it seeks to boost profitability and stem the loss of market share to rivals like Nike and Under Armour.

The company expects to grow profit by 15% every year over the next five years, up from a 7-10% growth this year. It also expects to grow sales to more than $24bn (£16bn, €22bn) by 2020.

The company faces a growing challenge in North America where it was displaced by Under Armour as the country's second-biggest sportswear company behind Nike.

The company will also invest in marketing and talent in six strategic cities: New York, Los Angeles, London, Shanghai, Paris and Tokyo.

Adidas shares fell more than 1% after the announcement but they had regained most of the loss by afternoon trading in London.