Category Archives: Adidas Group

Reebok India Alleged Fraud Cost Euro 153 Million to Adidas

Reebok India alleged fraud last year has put 153 million euro dent on the balance sheet of German sportswear maker Adidas. In year 2012, Reebok India filed FIR against two top officials of the company.

The investigation is currently on and ex-Managing Director Subhinder Singh Prem and ex-COO Vishnu Bhagat are under investigation for their alleged involvement in the fraud.

Adidas Group changed top management this year by bringing Erick Haskell from China operations to lead Indian team. The company also offered voluntary retirement to 84 employees last year. The company has also reduced its store count in India to reduce costs.

Adidas CEO Herbert Hainer announced that 2012 was successful year for Adidas Group with the company managing to grow its overall sales by six percent. The company registered 14.9 billion Euro sales in 2012.