German sportswear and equipment maker,
adidas is to launch a shoe costing one dollar a pair in India, boss Herbert Hainer said, despite the failure of a similar venture in Bangladesh.
The shoe will be sold in villages through a distribution network. It’s not known yet when or where it would be launched. Last year the company rolled out the same initiative but it had not worked as expected.
According to adidas, it has been raising its full-year earnings targets after a stronger-than-expected third quarter and first nine months. It has boosted its sales up to 12% instead of 10% previously, while earnings per share were projected to rise by nearly 16%.
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