Adidas to shut third of Reebok stores in India
ADIDAS ROUTE 2015 PLAN
There are around a thousand Reebok franchise stores across India and this figure would be reduced by a third over time as part of Adidas' Route 2015 plan for growth and as it re-examined the franchisee model, a spokesperson for Adidas said.
"What we will be doing in the coming weeks is talk to our franchise partners and move forward with it. We want it to grow and be more profitable."
"We are absolutely committed to the Indian market," he said, adding, "We are only restructuring the Reebok part of it, the brand Adidas will not be touched."
This follows the company's announcement of a restructuring of its Indian business, including changes to commercial business practices earlier this week, which it warned could lead to a total one-off cost of €70 million.
RBI Chief Raghuram Rajan stated that more economic data is needed to be confident that economic growth is picking up, although he added that the benefits to exports from the Rupee's fall is yet to kick in.
Date 16 hrs ago, Duration 2:19, Views 5