August 9, 2016 10:04:06 pm
Adidas India plans to launch its first own retail store in 2017 after getting approval from the Department of Industrial Policy and Promotion (DIPP) to operate fully-owned single-brand retail stores as well as cash-and-carry wholesale business under a single entity.
“We are delighted on being given the go-ahead to introduce our own retail format stores. India is a key market for us, and we are fully committed and focused to winning market and mind share in the key cities of the country,” said adidas Group India’s Managing Director Dave Thomas.
With this approval, the sports and lifestyle brand becomes first international brand to get 100 percent FDI for all formats like retail, e-commerce and wholesale.
It is working towards launching its first own retail store in 2017, the German sports goods maker said in a statement.
“Own retail will enable us to represent our brand in a more consistent and authoritative manner. Going forward, our strong emphasis in India is to grow profitably and consolidate our leadership position with an increased focus on the premium segment,” Thomas said.
It had the DIPP approval for 100 percent FDI in retail earlier in November 2015 when the centre eased the retail sector rules, allowing foreign entities with single-brand licence to have online operations too.
“But there was no clarity on whether or not the various services could be operated under single entity,” a company statement said.
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