Adidas plans 1-euro sneaker

• Source: Global Times
• [01:14 November 18 2009]
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By Gao Xiaohui

Echoing calls by Nobel peace laureate Muhammad Yunus, adidas plans to produce sneakers as cheap as 1 euro per pair for the poor from next year, as the sportswear producer has re¬mained in the red for the last three quarters.

Jan Runau, a spokesman of the German sportswear giant, confirmed that an agreement had been signed to begin producing the shoes in Bangla¬desh next year on a non-profit basis, Britain's Daily Telegraph reported Monday.

"It is correct that adidas Group, in conjunction with Muhammad Yu¬nus, aims to put such shoes on the market," Runau said.

Muhammad Yunus, the 2006 Nobel peace laureate for his develop¬ment of micro-credits that allow poor people to start companies, floated ideas November 7 for creating micro "social businesses" and won support from some leading corporations, in¬cluding sportswear maker adidas.