Raysonho @ Open Grid Scheduler / Grid Engine
Adidas has begun the process of selling its Reebok brand, according to the company's website.
The manufacturer has made this decision in the process of developing a new five-year strategy. The company intends to focus its efforts on further strengthening the position of the Adidas brand in the global sporting goods market, it said in a statement.
"After careful analysis, we have concluded that Reebok and Adidas will be in a much better position to realise their growth potential independently of each other. We will work hard in the coming months to ensure a successful future for the Reebok brand and the team behind it," Adidas CEO Kasper Rørsted is quoted as saying in a statement on the website.
Bloomberg reported in October that Adidas was thinking about selling Reebok. According to German magazine Manager Magazin, VF Corp., which owns the Timberland and North Face brands, and Chinese sporting goods manufacturer Anta International Group Holdings are interested in buying Reebok.
The deal could close by March 2021, when the company's five-year development strategy will be unveiled, the publication reported. Rumors that Rørsted wanted to sell Reebok and get about €2 billion ($2.4 billion) for the brand began before the pandemic, Manager Magazin wrote.
In the second quarter of 2020, the company reported a 33% drop in revenue for Adidas and a 42% drop for Reebok.
The German company bought US-based Reebok in 2006 for $3.8bn.
source: forbes.com
The manufacturer has made this decision in the process of developing a new five-year strategy. The company intends to focus its efforts on further strengthening the position of the Adidas brand in the global sporting goods market, it said in a statement.
"After careful analysis, we have concluded that Reebok and Adidas will be in a much better position to realise their growth potential independently of each other. We will work hard in the coming months to ensure a successful future for the Reebok brand and the team behind it," Adidas CEO Kasper Rørsted is quoted as saying in a statement on the website.
Bloomberg reported in October that Adidas was thinking about selling Reebok. According to German magazine Manager Magazin, VF Corp., which owns the Timberland and North Face brands, and Chinese sporting goods manufacturer Anta International Group Holdings are interested in buying Reebok.
The deal could close by March 2021, when the company's five-year development strategy will be unveiled, the publication reported. Rumors that Rørsted wanted to sell Reebok and get about €2 billion ($2.4 billion) for the brand began before the pandemic, Manager Magazin wrote.
In the second quarter of 2020, the company reported a 33% drop in revenue for Adidas and a 42% drop for Reebok.
The German company bought US-based Reebok in 2006 for $3.8bn.
source: forbes.com
