The Industrial Bank announced on December 29 that it has reached a strategic partnership deal with seven Chinese sportswear brands to cooperate in a wide range of areas, including product sales, payments and the organizing of sporting events. 

The seven domestic sportswear companies, which have struck strategic alliances with the Chinese brand include Anta, Xtep, 361 Degree, PEAK, ERKE, HOSA and Shuhua. The aim of the deals is to push forward the integration of the finance and sports industries. 

Mr. Cheng Zhiming, General Manager of the Industrial Bank Credit Card Center believes, as the Chinese sports industry develops rapidly, the potential 5 trillion business size will have great appeal to banking and sports companies alike. 

Under the partnerships, the seven sports brands and the Industrial Bank will integrate their online and offline resources. Initially they will conduct exclusive co-operations in four areas including discounted payment, limited edition subscription, consumption points collection and sporting events promotion. 

The Industrial Bank has been ramping up its efforts on sports-related activities following the Chinese government’s announcement of a reform plan to revive the Chinese sports industry. Earlier, in September, the Chinese bank brand signed a 5-year deal with the Shanghai International Marathon as the honorary sponsor of the event and the official partner of the Shanghai Half Marathon. 

Source: China.com

Proofread by John Devlin