Adidas Racing Into China With 3,000 New Stores

(RTTNews) - German sportswear giant Adidas AG (ADDYY.PK, ADDDF.PK), is reportedly planning to open 3,000 stores in China by 2020, despite hints of further slowing down of Chinese economy.

China had last year reported it slowest growth in 25 years. However, Adidas seems to be optimistic in its approach to expand the number of its stores in China to 12,000 from 9,000. The company seems to believe that the increase in health consciousness will boost its sales.

The company will cater to 2,200 cities worldwide.

Adidas yesterday reported a 16 percent sales increase excluding foreign exchange effects in the Greater China region for the fourth quarter. In January, the company had said that it achieved its target of 2 billion euros in sales in 2015 from China, which was the company's highest ever annual sales in the region.