Chinese conglomerate Dalian Wanda has agreed a collaboration with the German sportswear brand Adidas.

Under this agreement, Adidas is set to sponsor two of Wanda's Ironman events in China, "as well as work with the Chinese conglomerate to help develop football and basketball at all levels," the brand said in a statement.

At the same time, Adidas is going to open sportswear stores "throughout Wanda's extensive portfolio of shopping malls and other commercial properties."

"China is one of the most important markets for Adidas globally. We have strengthened our position in China considerably in recent years," said Adidas CEO Herbert Hainer.

"We are now looking forward to working with the Wanda Group, one of China's largest and most respected companies as well as a powerful name in the world of sport."

Last August, Wanda CEO Wang Jianlin acquired the Ironman brand and its parent company, the World Triathlon Corporation (WTC). Wang plans to host two Ironman events later this year in Hefei and Xiamen in China.

Source: AFP

Proofread by Sean O Diobhilin