After three years of filing for 100% foreign direct investment (FDI) approval, Germany-based sportswear brand Adidas Group has got its licence. This will allow the brand, which also owns Reebok through a global acquisition, to open retail stores owned, operated and managed by Adidas and Reebok.
Until now, all stores, 760 of them across Adidas, Adidas Originals and Reebok, are franchisee-owned. “We are delighted and thankful on being given the go-ahead to introduce our own retail format stores for Adidas India. We strongly believe own retail will enable us to take our market leadership position to an even higher level,” said Dave Thomas, managing director of Adidas Group India.
Adidas has already started working on opening its first self-owned retail store by the second half of 2016. Adidas plans to take the number of stores up to 1,000 by 2020. However, the company did not comment if all the expansion will be in self-owned stores. “ While we are excited to introduce our own large footprint stores here, we continue to be committed to our partners and will strengthen our existing and successful franchise distribution network,” said Thomas.