Footwear manufacturer Bata India is in talks with sportswear giant Adidas for a strategic partnership, CNBC-TV18 reported on Thursday citing sources, sending shares up as much as 7.3%.
Through the collaboration, Adidas is likely to use Bata India’s retail network to boost its presence in India, the report added.
Bata India, the flagship of Netherlands-based Bata BN, houses brands like Hush Puppies and Scholl and has more than 2,050 stores across the country, according to its latest annual report.
The talks with Adidas are likely at an advanced stage with final deal contours in the works, CNBC-TV18 said on social media platform X, formerly known as Twitter.
The report came in after the Gurugram-based manufacturer in its annual report mentioned that it has expanded its range of sneakers to more than 500 of its stores in a bid to cater to increased demand.
Sneakers continued to be a dominant category for the company as demand for athleisure footwear surged on the back of sports and adventure events, Bata India said in its annual report.
Adidas and Bata India did not immediately respond to Reuters’ request for a comment.