German sportswear brand Adidas is continuing with its aggressive plan to become the number one sports apparel retailer in China with plans to open 3,000 new stores in the country over the next five years.
Adidas currently has 9,000 stores in China after launching an expansion plan in 2010 aimed at targeting China's growing middle class.
China is Adidas' second-largest market and sales hit an annual record of $2.5 billion in China last year, an 18% increase over the previous year, according to the company's fourth quarter and full-year earnings report out last Thursday.
Adidas is aiming to capitalize on China's growing interest in sport and plans to introduce the brand into smaller cities in order to gain recognition and loyalty. The announcement was made in Shanghai by Colin Currie, head of Adidas Group Greater China.
"As sports participation continues to rise in China, we're optimistic about the continued demand for Adidas' sport performance and sport lifestyle products," said Colin Currie.
In its continued push, Adidas will focus specifically on growing its brand within soccer, running, women's sport, kids sport and originals. It is already the leading women's sports brand in China.
Source: USA TODAY
Proofread by John Devlin.