Apple’s new deal with Japanese brand, Adidas, for $50M in 2020
Business Insider – Apple is bringing its own apparel brand, as the tech giant makes a new $50 million investment in the brand’s parent Adidas.
The deal is the first major purchase by Apple in the Japanese fashion industry.
It is part of a broader $3 billion apparel and accessories deal between the two companies that was announced last week.
The partnership marks a major shift for Apple, which is trying to broaden its presence in the footwear industry.
The company announced last month that it had sold more than 1 billion iPhones worldwide.
It also said it had made a $10 billion investment in footwear brand Foot Locker.
Apple’s partnership with Adidas, which also includes its footwear brand, is an expansion of the company’s already-successful relationship with Japanese fashion giant and footwear brand Adidas.
Under the deal, Adidas will sell more than half of Apple’s $50 billion Apple Watch, and Apple will also buy the brands brands Foot Lock and Foot Luggage.
The move is part in a broader effort by Apple to expand its apparel business.
In April, the company bought the fashion brand Urban Outfitters, which was founded by longtime Nike retail executive Mike Johnson.
Apple is also expected to sell its iconic Apple Watch on July 24.