Bata India, Adidas to collaborate: Footwear manufacturer Bata India is likely to collaborate with sportswear giant Adidas for a strategic partnership, CNBC-TV18 reported on Thursday citing sources, sending shares up as much as 7.3%.
According to the report, Adidas would likely leverage Bata India's retail network to expand its presence in India as a result of the collaboration.
According to its most recent annual report, Bata India, the flagship of Netherlands-based Bata BN, houses brands like Hush Puppies and Scholl and has more than 2,050 outlets across the country.
CNBC-TV18 stated on social media platform X, formerly known as Twitter, that talks with Adidas are likely at an advanced level, with final contract factors in the works.
The report came after the Gurugram-based maker noted in its annual report that it has expanded its variety of sneakers to over 500 of its stores in order to meet rising demand.
Sneakers remained a key category for the company as demand for athleisure footwear increased due to sports and adventure events, according to Bata India's annual report.