Adidas AG struck a deal with Dalian Wanda Group co. on Tuesday to develop China's soccer and basketball, sponsor two of Wanda's Ironman triathlon events, and open outlets in Wanda's malls.

"Both Wanda and Adidas share a number of common goals, both in a commercial sense and in our genuine desire to nurture sport not only in China but around the world," Wang said.

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Adidas's initiative aims to capitalize on China's interest in sports and fitness and compete with its rival Nike in the world's most populous nation.

"China is one of the most important markets for Adidas globally. We have strengthened our position in China considerably in recent years," Adidas CEO Herbert Hainer said. "We are now looking forward to working with Wanda Group."

Chinese cities Hefei and Xianmen are both scheduled to host the two Ironman events later this year, and Adidas will become the exclusive sports brand sponsor for the endurance events.

Meanwhile, Adidas's move is just in time after the Chinese government announced its pledge to invest 5 trillion yuan ($752 billion) in the sports industry by 2025, including building soccer pitches and training children.

"We see more of our mass consumer segment actually wanting to buy Adidas products," said Colin Currie, managing director of Adidas in China. "Chinese consumers want to trade up and buy international brands like Adidas and they're willing to spend on it."

Adidas opened its first worldwide dedicated shoe store in Guangzhou last Monday. It further announced that - in collaboration with the Chinese government - it will double the number of Chinese children it is training in soccer and basketball, Bloomberg reported.

TagsAdidas, Wanda, Dalian Wanda, China Soccer