Adidas Set To Launch $1 Shoe In India
The popular shoe and sports apparel company sees a self-funding distribution network in the high-volume market.
German sports apparel manufacturer Adidas is taking a bold step in bringing its shoes to the people of India, known for their high growth and sheer volume. Adidas CEO, Herbert Hainer, has recently announced that the company is slated to launch a shoe that costs one dollar a pair, or roughly 52 Indian rupees.
In an interview with German Sunday newspaper “Welt am Sonntag,” Hainer shared the upcoming venture, adding that mass production can potentially supply the growing Indian market. Hainer said:
The shoe will be sold in villages through a distribution network….We want the product to be self-funding.
Adidas has previously considered a similar initiative of selling a one-dollar shoe in Bangladesh last year, but Hainer reported losses in the initial test batch of 5,000 pairs, adding that the shoes cost three dollars to make and $3.50 had to be paid in import duty.
Despite the loss in Bangladesh, the company looks to brighter skies after raising its full-year earnings targets after a “stronger-than-expected third quarter and first nine months” and reporting sales growth of as much as nearly 12 percent. Hainer boldly states:
Our brands and products are resonating with consumers around the world like never before.
During a webinar on Thursday July 13th at 10am, the PSFK research team will be presenting findings from our most recent report, Future of Manufacturing. For this project, we looked at how brands and organizations can meet elevated consumer needs and combat increased market competition by leveraging connected technologies that give total insights to manage their end-to-end operations and the opportunity to integrate cutting-edge technologies to reinvent supply chains.
Christina Agapakis, creative director at Ginkgo Bioworks, discussed how she uses her background in science and collaborates with engineers, designers, artists and social scientists to explore the many unexpected connections between microbiology, technology, art and popular culture.