ibnlive » Business

Adidas plans to keep Reebok alive in India despite financial woes

Reuters
Mar 07, 2013 at 03:40pm IST

Michelin - Drivers Wanted
You are just a Click away from
Driving a Racing Car in Sepang!

New Delhi: Sportswear group Adidas plans to keep its Reebok brand in India despite finding financial irregularities at the unit, CEO Herbert Hainer told reporters on Thursday.

The German company said it believed it had uncovered all the wrongdoing at the Indian business and laid the basis for a profitable operation there in the future.

"Here let me reiterate our full commitment to the Reebok brand in India," Hainer said in a presentation to journalists. Hainer also said he expected the company to build on momentum in China where sales grew 15 per cent in 2012.

Adidas plans to keep Reebok alive in India

The German company said it believed it had uncovered all the wrongdoing at the Indian business.

"I am confident we will continue to take more market share and grow faster than our major competitors (in China) in 2013," he added.

Latest

More from this section