Adidas Starts Divestiture Process for Reebok Brand
February 16 2021 - 9:29AM
Dow Jones News
By Giulia Petroni
Adidas AG said Tuesday that it has started a formal process to
divest its Reebok brand after concluding a strategic
assessment.
The German sporting-goods company said it will report Reebok as
discontinued operations from the first quarter of the year
onwards.
"After careful consideration, we have come to the conclusion
that Reebok and Adidas will be able to significantly better realize
their growth potential independently of each other," it said.
Adidas acquired the brand in 2006 for around $3.8 billion.
The company said it will release more details on its strategic
business plan to 2025 at the investor and media day on March
10.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
February 16, 2021 09:14 ET (14:14 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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