Bata India continues to 'explore strategic alliances' amid speculations of partnership talks with Adidas
Bata India clarified it 'continues to explore opportunities for strategic alliances' after speculations that it is in talks with footwear giant Adidas for a strategic partnership for the Indian market. A television channel in India had reported on Thursday citing sources that Bata is in partnership talks with Adidas.
The talks are likely in advanced stage and final contours of the deals are in the works, CNBC TV18 had reported. ET Online had reached out to Bata India for their response.Bata India, in a stock exchange clarification late Thursday, said it continues to explore opportunities for strategic alliance/collaborations/tie-up for the Indian market and as and when matters arise that require disclosure, the company will fully comply with its obligations under listing regulations.
“The Company has had successful long-running strategic tie-ups with various Brands over the years for offering unique propositions to consumers," it added.Bata India's shares on Thursday closed 5.3% higher at Rs 1,733.75 apiece in a downcast Mumbai trading as BSE Sensex had plunged 388 points. In an interview with news agency PTI, Bata India's Managing Director and CEO Gunjan Shah said that the company is re-entering the premium price points with fresh portfolios while it increases spending on advertising and promotions to connect with young digital savvy consumers.
Bata is also pushing for offline sales growth and expects a major chunk of growth to come from its expansion under the franchise model, where it plans to add another 125 stores in FY24 and increase its presence at multi-brand outlets (MBOs). Bat India's net profit tumbled by 10 per cent in Q1FY24.
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