Adidas likely to sell Reebok by mid 2021
Germany headquartered Adidas acquired Reebok in 2005 for $3.8 billion. On the news, shares in Adidas jumped as much as 3.5%. (Frankfurt Trading)
According to Germany’s Manager Magazin, the sportswear pioneer Adidas is planning the sale of its brand Reebok. There is an internal team working on the deal and it is learnt that Adidas has also signed confidentiality agreements. Adidas Chief Executive – Kasper Rorsted, plans to complete the sale by March 2021.
Though, Adidas has declined to comment, stating the news to be a rumour.
VF Corporation which owns the Timberland and North Face brands and China’s Anta International Group Holdings are among the interested parties. Kasper hoped for around $2.4 billion from selling Reebok before the pandemic.
Taking over as Chief Executive officer in 2016, Kasper has repeatedly hinted on looking to sell Reebok. He closed the under-performing Reebok stores and allowed some licensing deals to expire. By early 2019 Rebook rebounded to profitability.