adidas has announced that it will sell Reebok to Authentic Brands Group (ABG) for $2.5 billion. The transaction is expected to close in the first quarter of 2022. adidas will be selling Reebok at a loss after initially acquiring Reebok for $3.8 billion in 2006, while the latter had existing deals with the NBA and NFL, to expand its reach in the United States.
“Reebok has been a valued part of adidas, and we are grateful for the contributions the brand and the team behind it have made to our company. With this change in ownership, we believe the Reebok brand will be well-positioned for long-term success. As for adidas, we will continue to focus our efforts on executing our “Own the Game” strategy that will enable us to grow in an attractive industry, gain market share, and create sustainable value for all of our stakeholders,” said Kasper Rorsted, CEO of adidas AG.
Following this deal, adidas will focus on further strengthening its leading position as a brand in the global sporting goods market.
“It’s an honor to be entrusted with carrying Reebok’s legacy forward. This is an important milestone for ABG, and we are committed to preserving Reebok’s integrity, innovation, and values – including its presence in bricks and mortar. We look forward to working closely with the Reebok team to build on the brand’s success,” commented Jamie Salter, Founder, Chairman, and CEO of ABG.
Over the past decade, ABG has acquired Brooks Brother and fast-fashion brand Forever 21, adding to a portfolio that includes the Sports Illustrated magazine.
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