Adidas India and CK Jaipuria Family Office have signed a franchise deal to set up retail stores of Adidas across India.
“In Tier-2 and Tier-3 markets, the Adidas stores will be set up exclusively by us,” CK Jaipuria said. He further added that the plan for the group was to set up 100 stores for Adidas footwear by the end of 2024. This partnership will be the biggest franchise partnership for Adidas in India.
This development comes amidst brands looking to expand their offline presence rapidly, reacting to forecasts of an increase in customer demand.
Retailers report that the demand for sporting apparel and athleisure has increased following the easing of Covid-19 restrictions. They also said that the demand for sweatshirts, fitness clothing, athleisure sneakers and high-performance sportswear had been trending even before the pandemic, with consumers opting for sportswear and casual dressing as well.
Earlier this month, Adidas flagged off its first concept store of the year so that its retail presence in bricks-and-mortar stores increase. Existing Adidas stores also sell its global lines which include Ivy Park by Beyonce, Pharell Williams and Jeremy Scott.