Adidas India revenue up Rs 1100, profit doubles to Rs 95 crore

German sportswear maker Adidas has reported a growth of 22 per cent in its revenue at Rs 1,100 crore ($172.1 million) for 2016-17. The company had reported revenue of Rs 898.69 crore ($140.5 million) in 2015-16.

It recorded a PAT (profit after tax) of Rs 95 crore (approx $15 million) for the year under review. The brand has reported a net profit of Rs 41 crore (approx $6.5 million) during the same period last fiscal.
"The company has grown on the back of consistent good performance across its popular categories such as running, training and football," said Adidas in a statement.
"Both Adidas and Reebok brands continue to invest in the Indian sportswear market with a number of strategic and consumer-centric initiatives. Both brands operate across multi-channel formats and additionally Adidas opened its first own retail store in Delhi last week. It plans to open a few more in the coming months in its continuous quest to improve consumer experience in India," the company added.

Adidas had earlier told that it will continue to strategically increase their focus and investments in India.
Adidas India has already got an approval to bring in FDI (Foreign Direct Investment) in retail through its existing wholesale entity to open company owned stores and is planning to open 30-50 outlets by 2020 along with its own online portal.
Adidas currently has around 450 stores while Reebok has 220 stores all franchises across the country.

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