adidas sign deal with Wanda Group

Sportswear firm Adidas has signed a deal with the Wanda group.

The agreement is the latest move by Adidas to try to strengthen its position as it goes head-to-head with bigger rival Nike in basketball-obsessed China.

China was the fastest growing market for Adidas in 2015, ed with sales up 18 percent to 2.5 billion euros ($2.76 billion), medstore 15 percent of the group total.

Adidas said it would become the sole sports brand sponsor of two Ironman triathlon events in China this year and also work with Wanda to support the development of soccer and basketball in China and worldwide.

Adidas and Wanda also signed a partnership to jointly develop their business in cities across China. Wanda will support Adidas plans to open more stores in its malls and other properties.

Wang Jianlin owner of Wanda said: “Both Wanda and Adidas share a number of common goals, both in a commercial sense and in our genuine desire to nurture sport not only in China but around the world,”