Sportswear giant Adidas ‘mulls Reebok sale’
German sportswear company Adidas is planning to sell its Reebok division, Germany’s manager magazine reported today.
Adidas is seeking to put an end to the ill-fated investment in the US-focused brand.
Adidas plans to complete the sale by March 2021, the magazine said, without citing where it obtained the information.
The report said that Adidas had written off Reebok by nearly half to €842m (£760m) since 2018.
It did not specify a possible sale price.
The magazine said VF Corp and China’s Anta Sports are considered to be among the interested parties.
Adidas declined to comment.
Shares in Adidas jumped on the news and traded 3.3% higher this morning reflecting repeated calls by investors to dispose of Reebok, impatient with the lack of progress to turn around the business.
Adidas purchased Reebok in 2005 for $3.8bn.
Reebok’s sales fell 44% in the second quarter to €228m mainly due to its large exposure to the US market, causing its parent to take impairment charges in the period.