German sportswear maker Adidas AG will open 3,000 new stores in China by 2020, counting on rising affluence and health-awareness in the country to boost its global business.
The new stores will bring Adidas' total to about 12,000 across 2,200 cities in China and the company will focus more on kids' sports apparel as China eases its one-child rule, said Adidas China Managing Director Colin Currie at a briefing in Shanghai on Friday.
Sportswear companies are betting on China as the government plans to raise the sports industry's output to account for 1 percent of the country's economy, and it may offer subsidies and lower tax rates to promote research as well as seek foreign investment to achieve this target, according to Bloomberg Intelligence.