October 10, 2011 / 5:00 AM / 8 years ago

Adidas eyes double-digit growth in Russia

MOSCOW/FRANKFURT, Oct 10 (Reuters) - German sporting goods company Adidas expects investment in its own stores and rising consumer spending in Russia to propel the region into becoming one of its top three markets behind the United States and China, it said on Monday.

Adidas expects its sales in the Russia/CIS region, which includes former Soviet satellite states such as Ukraine and Kazakhstan, to surpass 1 billion euros ($1.3 billion) by 2013 and to grow by a double-digit percentage annually until 2015, Chief Executive Herbert Hainer said at an investor day in Moscow.

Adidas, the world’s second-largest sports apparel company after Nike , did not give current sales for the region, which is currently its fourth-largest market in terms of sales after the United States, China and Japan.

The group says it is the market leader in Russia/CIS, where soccer, running and outdoor items are among its key products.

It will also step up its store opening programme, increasing its network of own stores to 800 by the end of this year, and then to more than 1,200 by 2015.

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