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| Friday, September 05, 2008 23:36:15 |
Adidas plans to overtake Nike in China
German firm Adidas AG said on Thursday it would match rival Nike's China sales in two years as it aggressively expands in its fastest growing major market with plans of 2008 Olympics, Reuters reported.
Herbert Hainer, the company's chairman, said that official Beijing Olympics sponsorship, coupled with marketing deals wit national teams and individual sports stars will help the company reach its sales target of 1 billion Euros in China by 2010.
Adidas's China sales has doubled almost every year in the last four years.
Adidas --which says franchise stores in China could double to 5,000 by 2010 -- also plans to expand its distribution network for the newly acquired Reebok brand by adding 200-250 stores a yea, said Reuters.
Reebok currently sells its products through a network of about 550 stores, which could reach as many as 2,000 within 5 to 6 years, said Hainer.
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