Adidas to launch $1 shoe in India
Berlin, November 20, 2011
First Published: 14:38 IST(20/11/2011)
Last Updated: 15:46 IST(20/11/2011)
German sportswear and equipment maker Adidas is planning to launch a shoe costing one dollar a pair, that would be sold in Indian villages through a distribution network.
“The shoe will be sold in villages through a distribution network. We want the product to be self-funding,” News 24
quoted the company’s boss Herbert Hainer, as saying.
The company is planning to sell shoes in the Indian market despite the failure of a similar venture in Bangladesh.
“We sold 5,000 pairs during a test phase but we made only losses. The shoes cost us 3-dollars to make and we had to pay $3.50 in import duty,” Hainer told the Sunday newspaper Die Welt am Sonntag.
He added that unlike in Bangladesh, mass production would be possible to supply the growing Indian market.