Footwear company Bata India is reportedly in talks with sportswear giant Adidas for a strategic partnership, said a report.
The talks are at an advanced stage with both parties discussing the details of the imminent arrangement, reported CNBC-TV18, citing unnamed sources. The news brought cheer to the market with Bata India shares jumping 5.46 per cent on Thursday noon.
According to the report, the tie-up is aimed at leveraging Bata's extensive and impressive retail network across India. The footwear giant has over 2,100 stores across 700 cities. Adidas and Bata India did not immediately respond to the news.
Bata, which houses brands such as Hush Puppies and Scholl, had recently revamped its sales strategy by expanding its physical and online presence. "It expects e-commerce to contribute 20 per cent of its total sales in the next two to three years," company managing director and CEO Gunjan Shah.
"We have the fastest growth from our e-commerce channels from last three years and we see no difference this year and it will keep growing," said Shah. m" Right now it is 10-12 per cent of our turnover and in the next 2-3 years, we would like to see that to grow to 18 to 20 per cent."
The company also said it plans to add another 125 stores in FY24 and increase its presence at multi-brand outlets (MBOs). "This season we will bring our ever-highest newer range to consumers, taking to almost 35 to 40 per cent of refresh. This used to be below 25 per cent two years before," Shah told PTI.