Adidas buys warehouse outside Moscow

Moscow

GERMAN sportswear maker Adidas has bought a warehouse outside Moscow in a deal which real estate market sources and property consultants estimated at US$70 million to US$100 million.

The move is a gesture of confidence in Russia despite the country's deteriorating economic prospects and the slide in the rouble. It also comes despite Adidas having said in November it would cut the number of net new stores it plans in Russia to about 30 per year in 2014 and 2015, from an already reduced target of 80 per year.