The German sportswear and footwear brand Adidas may reopen its stores in Russia on November 1, the Mash news portal reported on Friday on its Telegram channel, citing sources within the company’s Russian unit.
According to the report, the company signed a contract with the Lebanese branch of the Daher Group investment company, which owns one of the world’s largest shopping centers, the Dubai Mall. The same company controls Fashion and More Management DMCC, a UAE-registered company that recently bought the Russian stores of Zara, Bershka, Pull&Bear and Massimo Dutti from Spanish fashion giant Inditex.
According to Mash, staff recruitment for the new Adidas stores is scheduled to begin in early fall to get everything ready for the November launch. There is no information on whether the Adidas stores will keep the brand name or reopen under a new name, as the previous Inditex stores did.
At the beginning of the week, news came to light that Adidas is also negotiating with the Turkish company FLO Retailing about the possible sale of its business in Russia. According to real estate consulting sources speaking to the Vedomosztyi news agency, the deal is expected to be finalized this fall, and Adidas envisioned a complete rebranding of its stores in Russia.
FLO Retailing, which operates brands such as American Polo Association, Lumberjack and Reno, bought sportswear giant Reebok’s Russian stores last year, which have since opened in the country under the name Sneaker Box.
Neither FLO Retailing nor Daher Group have commented on the news so far.
Last year, Adidas joined several Western brands in suspending its activities in Russia due to the sanctions. The company closed its retail stores and online store in March 2022. In October last year, Adidas announced that it had decided to permanently stop its business activities in the country. The decision significantly affected the company’s profits, which fell by nearly $110 million in the third quarter of 2022.
