Adidas strikes deal with Wanda to promote sport in China

By Emma Thomasson BERLIN (Reuters) - 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 endurance events, promote soccer and basketball in the country and open stores in Wanda's malls. The agreement announced on Tuesday is the latest move by Adidas to try to strengthen its position as it goes head-to-head with bigger rival Nike in basketball-obsessed China. China was the fastest growing market for Adidas in 2015, with sales up 18 percent to 2.5 billion euros (2.08 billion pounds), 15 percent of the group total.
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