Bata India said that it is exploring the opportunity of a partnership in its domestic market but had no developments to announce.
”We would like to inform that the company continues to explore opportunities for strategic alliance/collaborations/tie-up for the Indian market, and as and when matters arise that require disclosure, the company will fully comply with its obligations under Regulation 30 of the Listing Regulations,” it said in a statement. The company is listed in Mumbai on the National Stock Exchange of India.
The statement was released after CNBC-TV18 reported that Bata India was in advanced talks to set up a strategic partnership with Adidas, a move that could boost the presence of the German sportswear brand in the country. The Indian footwear retailer has almost 2,100 points of sale in close to 700 cities, and its Sneaker Studio concept has been implemented in 565 stores since its launch 18 months ago. In the statement, Bata India also noted that it ”has had successful long-running strategic tie-ups with various brands over the years for offering unique propositions to consumers.”
In the first quarter ended June 30, Bata India posted revenues from operations of 9,581 million rupees (€105.9m), up by 2 percent year-on-year. The company noted that the sneaker category outpaced overall growth. The net profit came in at INR 1,078 million (€11.9m) in the quarter, down by INR 115 million (€1.3m) from the previous year, primarily due to an early start of the end-of-season clearance period by the industry, according to the company.
