Adidas to ramp up China presence

German sports goods company Adidas plans to grow its presence in China.

CEO Herbert Hainer said the company will open more stores in smaller cities, planning to be present in 1400 Chinese cities by the end of 2015 from current 1000 cities, with 7600 stores.

“We intend to improve our business significantly next year,” said Hainer.

The company’s business has been hit by the eurozone debt crisis, high procurement costs and a strong euro affecting exports, however, it still expects record earnings this year.

Adidas expects to achieve a turnover of 17 billion euros (US$23.3 billion) by 2015, says Hainer.

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