The world’s leading footwear brand Adidas and the world-leading footwear brand Nike have announced they will form a joint venture.
The partnership will allow Adidas to sell more products in the market while continuing to innovate.
The partnership will also help Adidas to create the most innovative footwear brands in the world, the two companies said in a joint statement.
The shoe brand is aiming to make footwear in every market globally.
Adidas will sell more than 600 million pairs of shoes annually.
Nike will sell over 3.5 million pairs, with a goal of selling 2.5 billion pairs annually.
“We are delighted to have the opportunity to create a global leader in the footwear industry, and to bring the best footwear brands to our global consumers,” said Andrew Wiggins, the CEO of Adidas, in a statement.
“This joint venture will enable us to continue our efforts to drive global innovation.”
The footwear brand is looking to expand its footprint globally, the statement said.
Adidas has already sold over 4.7 million pairs globally, while Nike has sold more than 1.5bn pairs.
The new joint venture is the latest move in a rapidly expanding apparel and footwear business that is seeing increasing sales growth and brand recognition, and a more diversified portfolio.
Earlier this year, Adidas and Nikes announced a deal to sell some 1.6 billion pairs of sneakers.
The deal is set to include footwear as well as apparel and accessories.
“In recent years, footwear has been one of the fastest growing segments of the global consumer market,” said David Peyser, the chief executive of Nike, in the statement.
“The global demand for shoes has grown rapidly, and we have been working hard to offer the world the most flexible footwear offerings.
We have worked hard to design the most sophisticated and innovative footwear, and this partnership will provide us the opportunity for both of our brands to be successful.”
Adidas and Nike have been building a global footwear brand for more than 20 years, with over 10 million pairs sold.
Adidas’ footwear business has grown from just over 3 million pairs in 1999 to over 15 million pairs today.