INDIA: MD and COO depart Adidas India
Adidas has announced that the managing director and COO of its Indian division have left the company.
Adidas India managing director Subhinder Singh Prem and COO Vishnu Bhagat have left the company with immediate effect. They will be replaced by Claus Heckerott and Frederic Serrant as managing director and sales director, respectively.
Heckerott has 14 years of senior management experience within Adidas, and was most recently VP finance global sales. Serrant joined the Indian team in January from France, where he has been sales director since 2007.
There have been reports in the Indian press that Singh Prem and Bhagat left the company abruptly after the sporting goods manufacturer plunged into losses amid rumours of financial misrepresentations.
The Times of India reported that there have been allegations of financial discrepancies and losses at the group's Indian unit following the merger of Reebok's operations. Adidas and Reebok only merged last year in India, despite the global merger of the two sportswear companies completing in 2005.
Adidas declined to comment on the report.
Adidas's sponsorship strategy is paying dividends, with the sportswear brand's chief executive Herbert Hainer highlighting the success of its sponsorship of the London Olympics and the Euro 2012 footb...
Adidas has made dramatic cuts to the long-term revenue targets for its Reebok brand, which has been impacted by lost business in the US and fraud allegations in India....
Reebok, which is owned by sporting goods giant Adidas, has removed the position of global president, moving Ulrich Becker to president of the brand's North American business....
Some 100 Adidas workers at its Reebok India business are staging protests against the sportswear giant's new franchise model, according to reports....
The Finish Line has appointed Harvey Bierman as vice president of digital technology as the US sportswear chain continues to expand its digital business....
Sportswear giant Adidas remains committed to its restructuring programme in India, despite reports some of its Reebok franchisees are unwilling to change to the new franchise model it wants them to ad...
Lingerie and activewear manufacturer Tefron has swung to a second-quarter net profit on the back of increased sales of seamless apparel....
Sportswear giant Adidas has confirmed it will accelerate the restructuring of its Reebok business in India in order to set the unit up for a "fresh start" in 2013 - including the integration of local ...
- The current state of play in world garment exports
- Fung Capital helps PLM firm expand into Asia
- Africa courts clothing and textile investment
- ANALYSIS: New pricing strategy pays off for Nike
- Bangladesh Accord calls on firms for more funding
- Adidas investigating Cambodia faintings
- Footwear “facing increased compliance challenges"
- Matalan defends its position on Bangladesh
- Arrests made at US REI/North Face protests
- North Face commits to 100% recycled polyester
- Textile Wholesaling in the UK - Industry Market Research Report
- Global market review of denim and jeanswear – forecasts to 2020
- Survey of the European Fabric Fairs: Spring/Summer 2015
- Plunkett's Apparel & Textiles Industry Almanac 2014: Apparel & Textiles Industry Market Research, Statistics, Trends & Leading Companies
- Myanmar - ISA Country Report