adidas, the German-based international sportswear and footwear giant had some bad news earlier. As reported in these columns charges of fraud, on a massive scale, have been committed in the company’s Indian operation.
It should be made clear that, from information currently available, the nature of the alleged fraud has not been clarified other than that it is big.
It seems as though adidas have already ponied up some 120 million Euro and another 70 million Euro may be demanded.
At Euro 200 million, even in these times when billions, even trillions are banded about like Monopoly money, it’s certainly more than small change.
From China, on the other hand, the news was good. Boosted further by other emerging markets in Asia growth was in double digits for the fifth consequetive quarter: which came in at 17 percent to 3.8 billion Euro.