Adidas Rubbishes Downsizing Rumours
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.