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Adidas Signs Deal With Dalian Wanda Group In Effort To Expand Presence In China

adidas has signed an agreement with Dalian Wanda Group Co. to "help develop soccer and basketball in China as the German company seeks to capitalize on increasing interest in sports and fitness in the world's most populous nation," according to Aaron Ricadela of BLOOMBERG NEWS. The shoe company will also "sponsor two of Wanda's Ironman triathlon events in China this year." adidas is making an "increasingly rare commitment to China by a consumer brand at a time when food companies, drink makers and luxury labels are struggling there." adidas Group China Managing Dir Colin Currie said, "We see more of our mass consumer segment actually wanting to buy Adidas products. Chinese consumers want to trade up and buy international sports brands like Adidas and they're willing to spend on it." adidas yesterday opened its "first worldwide dedicated soccer store, in the southern city of Guangzhou." The company said that it also is "doubling to 20 million the number of Chinese children it's training in the sport through a government partnership." Currie said that greater China "contributed more than a quarter of Adidas's earnings before overhead costs last year and it's the company's most profitable market (BLOOMBERG NEWS, 6/28). REUTERS' Emma Thomasson notes adidas and Wanda also "signed a partnership to jointly develop their business in cities across China," in which Wanda will support adidas' plans to "open stores in its malls and other properties" (REUTERS, 6/28).

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