Adidas to Launch $1 Sneaker in India
Adidas is looking to the subcontinent for its new major growth market.
In a surprising move that contradicts their usually pricey products, German sporting giant Adidas are set to launch a US$1 shoe under their subsidiary brand, Reebok.
A similar project was undertaken by Adidas in 2010 in Bangladesh, but was abandoned after an initial run of 5000 pairs. This was due to production and import costs of US$6.50 exceeding the shoe's low price point. Adidas has now looked to neighbouring India as its new major growth market. With its booming population and high levels of poverty, the nation is an ideal market for durable and affordable clothing.
Adidas CEO Herbert Hainer said that Adidas' surprisingly high sales have allowed them to undertake this venture. Furthermore, he told German newspaper Die Welt am Sonntag that "the shoe will be sold in villages through a distribution network... We want the product to be self-funding."
Standing at US$1, or 52 rupees, this is a hard offer to turn down.
[Via PSFK]
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