German sporting goods giant Adidas Group has revealed plans to open 3,000 new stores in China by 2020 as it looks to become the ‘best sports brand’ in the region.
The company, which has around 9,000 stores in its second largest market, the vast majority of them being franchise stores, announced the plans on Friday (4 March) in Shanghai.
In a statement sent to just-style, the group said: “China is Adidas Group’s second largest market globally and we still see a lot of potential in this market.”
The news comes less than two months after Adidas said its Greater China subsidiary achieved sales of EUR2.5bn (US$2.74bn) in 2015 – the company’s highest ever annual sales in the region.
Adidas has strengthened its position across all key sports categories in the region over the last few years, and launched new segmented retail stores such as women’s, sportswear collective and basketball.
The group’s new strategy themed ‘Creating the New’ aims to propel Adidas to become the ‘best sports brand’ in Greater China by 2020. The company’s new five-year game plan will serve as a blueprint to seize further growth opportunities.
Adidas has said the plan will chart the path of the company’s continued growth as it seeks to meet the demands of China’s burgeoning middle class who are placing a higher emphasis on quality of life experiences, and the needs of a nation with an ignited interest in sports.
The company added: “With ‘Creating the New’, our new strategic business plan, we’ll continue to focus on strengthening our position in key categories and expanding our retail footprint in both lower tier and upper tier markets.”
Last month, Adidas raised its earnings and sales forecasts for this year, after it exceeded its targets in 2015, thanks to increased marketing investments.
