Adidas aims to sell its Reebok division in March 2021

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On Thursday, Adidas AG (ADS) announced that it plans to sell its Reebok (RBK) division. The German multinational sportswear corporation stated that it wants to end its ill-fated investment in the United States-focused brand.

Adidas’s Chief Executive Officer Kasper Rorsted said that it plans to complete the sale by March 2021.

Germany’s Manager Magazin stated that the U.S. apparel maker VF Corp (VFC) and China’s Anta Sports (HKG:2020) were interested in acquiring Reebok.

“While Adidas chief executive officer Kasper Rorsted had hoped for about EUR2BN (US$2.4BN) from selling Reebok before the pandemic, he would now be content with less than that amount,” the Manager Magazin reported.

In 2016, Adidas purchased Reebok for $3.8 billion to compete with its rival Nike Inc. (NKE) in the United States.

Adidas’s shares went up by 3.5% after its Reebok sale announcement.

The information and recommendations contained in this analytical document are published strictly for information purposes and are not considered as an offer to buy or sell the trading tools mentioned above and are not intended to motivate to perform certain transactions
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