Adidas, the world’s largest sports company, has announced it will invest more than $3.4 billion in the Wanda group, which has a wide variety of brands in China.
Adidas said it plans to invest around $1.5 billion in Wanda, which owns and operates several brands, including Adidas, Zara, and GAP.
The group’s business is centered on clothing, footwear, and accessories, and it currently operates more than 20 brands in more than 130 countries.
The investment is part of a larger $20 billion investment that the company said is set to be completed in 2020.
Wanda’s investments have attracted a number of international investors, including Apple, Intel, and Google.