Bata India share price jumps over 7% on report of likely tie-up with Adidas for domestic market
Bata India share price rallied over 7% on Thursday amid reports that the company was in talks with Adidas for a strategic partnership in the Indian market. Bata shares jumped as much as 7.37% to ₹1,767.95 apiece on the BSE. According to a report by CNBC-TV18, footwear maker Bata India is likely to tie up with athletics shoemaker giant Adidas for the domestic market.
The talks between the two footwear giants are at an advanced stage, the report said, adding "final deal contours in the work". The report emerged at a time when Bata India has started trials for sports apparel. Read here: Bata India likely to tie-up with Adidas: Report During the April-June quarter, Bata India gained share in higher category articles in brands like Hush Puppies, Comfit, Floatz & North Star, its MD and CEO Gunjan Shah said.
Bata India had reported a consolidated net profit of ₹106.8 crore in Q1FY24, a drop of 10.3% from ₹119.3 crore in the year-ago quarter. The company's revenue during the quarter rose 1.6% to ₹958.1 crore from ₹943 crore, YoY. Despite the steady network rollout and product revamp in the youth segment, Bata has continued to observe a decline in volumes, particularly in the value segment.
The company has 2,100 stores in close to 700 cities, with Franchise & SIS network consisting over 38%. Bata India aims to expand the number of franchisee stores to 500 by 2025. At 2:45 pm, Bata India share price was trading 6.02% higher at ₹1,745.75 apiece on the BSE.
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