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Adidas India gets approval to set up company owned stores
02 Aug '16
2 min read
Sports goods and sportswear retailer Adidas India has received an approval to bring in FDI in retail through its existing wholesale entity to open company owned stores and now plans to open 30-50 outlets by 2020.
“This means the company will not have to set up a separate retail company,” the Economic Times reported.
It may be recalled that Adidas first received the FDI approval for company owned stores in October 2015, but under which it was required to set up a separate entity under government norms existing at that time.
However, in November, the government subsequently eased the rules permitting companies to market their goods through wholesale, retail and ecommerce channels for the first time.
“In addition to opening company owned stores, Adidas India will also start its ecommerce website,” Adidas Group's managing director for India, Dave Thomas said while revealing the details.
These stores will come up from the middle of next year, with the first few in Delhi where it will have 3-4 outlets across various formats which also includes one factory outlet.
Thomas further added that it will now apply for approval to set up company owned stores and an ecommerce website for its Reebok brand. (AR)
“This means the company will not have to set up a separate retail company,” the Economic Times reported.
It may be recalled that Adidas first received the FDI approval for company owned stores in October 2015, but under which it was required to set up a separate entity under government norms existing at that time.
However, in November, the government subsequently eased the rules permitting companies to market their goods through wholesale, retail and ecommerce channels for the first time.
“In addition to opening company owned stores, Adidas India will also start its ecommerce website,” Adidas Group's managing director for India, Dave Thomas said while revealing the details.
These stores will come up from the middle of next year, with the first few in Delhi where it will have 3-4 outlets across various formats which also includes one factory outlet.
Thomas further added that it will now apply for approval to set up company owned stores and an ecommerce website for its Reebok brand. (AR)
Fibre2fashion News Desk - India
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