German sports giant Adidas to collaborate with China’s Wanda
Adidas, the German maker of sportswear and equipment, said on Tuesday it plans to start collaborating with the Chinese conglomerate Wanda, including a sponsorship deal for the two Ironman triathlon events in China.
Adidas said in a statement that its chief executive Herbert Hainer met Wanda Group Chairman Wang Jianlin in Beijing “to discuss the prospect of a future strategic collaboration.” As part of the agreement, Adidas would sponsor two of Wanda’s Ironman events in China, “as well as work with the Chinese conglomerate to help develop football and basketball at all levels,” the statement said.
“Adidas and Wanda also agreed to deepen their commercial relationship,” it added. Adidas would open sportswear stores “throughout Wanda’s extensive portfolio of shopping malls and other commercial properties.” “China is one of the most important markets for Adidas globally. We have strengthened our position in China considerably in recent years,” said CEO Hainer.