Adi­das Rub­bishes Down­siz­ing Ru­mours

Perfect Sourcing - - Retail News -

Alead­ing news­pa­per re­ported that Adi­das is plan­ning to lay off 25% of its stuff in next few months in In­dia. The brand has com­pletely de­nied such claims and said the brand is fully com­mit­ted to grow its brands Adi­das and Ree­bok in In­dia.

Adi­das spokesper­son told the me­dia that over the years the com­pany’s strate­gic fo­cus is to in­vest on its re­sources to gen­er­ate sus­tain­able growth. The com­pany had scored around Rs 1000 crore ($156.4 mil­lion) rev­enue for the fis­cal year that ended March 31, 2017 which is a re­mark­able num­ber to achieve as the In­dian sports­wear mar­ket is roughly Rs 7,500 crore (ap­prox $1.18 bil­lion) ac­cord­ing to a re­cent re­port by con­sult­ing firm Ernst & Young. Adi­das has con­firmed that it will scale up its busi­ness in the com­ing years, how­ever, did not dis­close any fig­ures or part­ner­ship de­tails re­gard­ing the same. Adi­das In­dia has al­ready got an ap­proval to bring in FDI (For­eign Di­rect In­vest­ment) in re­tail through its ex­ist­ing whole­sale en­tity to open com­pany owned stores and had ear­lier stated that it will open 30-50 out­lets by 2020 along with its own on­line por­tal.

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