Adidas puts Reebok on sale
Reebok International Limited is an Anglo-American footwear and clothing company
The German manufacturer of sporting goods Adidas announced on Tuesday that it will sell the American brand Reebok as part of its new strategy for the next five years.
Adidas said in a statement that it has studied the strategic alternatives for Reebok and that it has decided to start the sale process due to its weak results.
Adidas CEO Kasper Rorsted believes that both brands have more potential to grow separately and will focus on the German brand.
In December, Adidas had said that “as part of the development of its new strategy for the next five years it has begun to analyze strategic alternatives for Reebok”, which included both selling it and keeping it as part of the company.
Adidas will announce details of the decision to sell it on March 10 , 2021, when it presents the new strategy. The Reebok brand that Adidas acquired in 2006 for about 3,100 million euros (3,755 million dollars at the current exchange rate) in order to better compete against Nike, has not given the expected profitability and has also wanted to clean it up for a long time , although its sale was also rumored , option for which in the end it has been decided.