Adidas to exit wearable fitness device segment

German sportswear and equipment MNC Adidas announced that it will be closing down its hardware division, and therefore, will stall the production of wearable fitness devices.

The announcement is one that has been doing rounds in the past as well, as Adidas had already been shifting focus from hardware development for a while now.

"We're not going to see a new running watch from Adidas for a while," The Verge reported while quoting Stacey Burr, the vice president of wearable sports electronics at Adidas.

Adidas had, in the past, released multiple wearable fitness trackers under the name miCoach, culminating in the miCoach Smart Run smartwatch. However, the company plans to move over to the software segment, specifically, the Adidas App and Runtastic, Adidas' mobile fitness company that combines traditional fitness with mobile applications, social networking and elements of gamification, which made its comeback in 2015.

However, the exit is not permanent, as Adidas has reportedly announced plans to partner with Fitbit for a curated edition of the iconic smart watch, scheduled for sometime in 2018.