Adidas sells its subsidiary Reebok for 2.1 billion euros. The German sportswear group has been looking for a buyer for some time and has now found it at American Authentic Brands Group (ABG). Adidas announced Thursday that ABG owns and operates all types of brands, including the Forever 21 apparel chain. The sale is scheduled to be completed early next year.
Adidas was acquired by Reebok in 2006 for about 3 billion euros, which wanted to expand its activities in North America. Reebok is British in origin, but is headquartered in the United States, where it has been, among other things, the supplier of NBA basketball jerseys.
Reebok did not have much success under the ownership of Adidas. Sales of Reebok products always lag behind those of Adidas. Kasper Rørsted, Adidas’ 2016 Chairman of the Board, has launched a plan to make Reebok healthier. Partially worked. Turnover rose again, but Adidas turnover rose even more aggressively. Last February, Adidas decided to show Reebok.
ABG has several brands under its sponsorship, mainly clothing stores and fashion brands. In addition, the rights to the trademarks of many celebrities – dead and living – have been transferred to the company preparing for its IPO in New York. Among them are Elvis Presley, Marilyn Monroe and basketball player Shaquille O’Neal.
