{"text":[[{"start":7.7,"text":"Reebok plans to open hundreds of new stores in mainland China, re-establishing the brand in the country as its owners seek to tap into a fitness and activewear boom."}],[{"start":16.5,"text":"The Boston-based brand plans to launch a new store in Shanghai this autumn and add as many as 200 outlets by the end of 2029, according to its owner Authentic Brands."}],[{"start":28.4,"text":"“We believe China can be one of the largest markets in the world, if not the largest [for Reebok],” said Josh Perlman, head of Greater China at Authentic Brands."}],[{"start":38.5,"text":"Reebok is targeting annual sales of $1bn in mainland China by 2036, up from less than $100mn now, all of which is online."}],[{"start":49.95,"text":"China’s slowing economy has hit consumer confidence but activewear is one of several pockets of growth, with soaring sales from international brands such as Hoka and On, the Swiss running shoemaker."}],[{"start":61.650000000000006,"text":"By contrast Nike, a dominant force since China’s consumer markets opened up in the 1990s, has been struggling. Earlier this month, it forecast a 20 per cent slide in China sales this quarter."}],[{"start":75.9,"text":"Perlman pointed to “softer consumption” in recent years, heightened by the property market slowdown, but also “pockets of strength”. “Our strategy is to go to those premium shopping centres,” he said, adding that stores would feature its latest running shoe technology and may also stage exhibitions of legacy products."}],[{"start":94.10000000000001,"text":"Reebok, which was founded in the English town of Bolton, had a difficult tenure under the ownership of Adidas before being sold to Authentic in 2022."}],[{"start":102.80000000000001,"text":"Hundreds of Reebok stores in China were closed following the sale, although about 10 remained open until last year and it continued to sell online. Last month, Authentic announced a partnership with distributor NewRee Sports."}],[{"start":117.15,"text":"Authentic owns brands ranging from Brooks Brothers to the David Beckham brand rights, and last year opened a new Asia headquarters in Shanghai, where it this week displayed heritage Reebok products."}],[{"start":129.20000000000002,"text":"“Reebok’s primary battleground is in the gym,” said Perlman, which he said was not limited to “marquee gyms in tier one cities” — a reference to China’s biggest urban centres. Gyms in lower-tier cities presented a “huge opportunity all the same”."}],[{"start":144.35000000000002,"text":"There have elsewhere been signs of rising optimism about China’s consumer market. This month, Borsalino, Italy’s oldest hat maker, launched in the market and aims to open several stores by the end of the year."}],[{"start":156.95000000000002,"text":"Perlman said Reebok’s global sales had doubled to $5bn in recent years. “We need to bring what’s happening globally, we need to package it and localise it,” he said, pointing to a market filled with domestic and international competitors. “There is no other market as competitive as China.”"}],[{"start":181.05,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1776844870_1505.mp3"}