Adidas agrees strategic collaboration with China's Wanda group

[BERLIN] German sportswear firm Adidas has signed a deal with the Wanda business empire of China's richest man Wang Jianlin to sponsor two of Wanda's Ironman events in the country, promote soccer and basketball and open stores in Wanda's malls.

Adidas said in a statement on Tuesday that the German firm would become the sole sports brand sponsor of two Ironman events in China later this year and also work with Wanda to support the development of soccer and basketball in China and worldwide.

Earlier this month, Wanda signed a partnership deal with basketball's international governing body (FIBA). In March, Wanda became the first Chinese top level sponsor of Fifa, the world soccer governing body.

REUTERS