Adidas sells Reebok to Authentic Brands Group

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Adidas announced its intention to sell Reebok to Authentic Brands Group on Thursday.

Authentic Brands Group will pay “up to $ 2.1 billion,” or about $ 2.5 billion – the majority in cash – for the brand, according to a press release. The deal is expected to be finalized in the first quarter of 2022.

German sportswear company first revealed his intention to divest himself of Reebok, who he has been the owner since 2006, in February, following an internal activity review and the brand’s underperformance. Authentic Brands Group was preselected as potential buyer earlier this summer.

“It is an honor to be charged with continuing the legacy of Reebok,” said Jamie Salter, founder, president and CEO of Authentic Brands Group, in a statement. “This is an important milestone for ABG, and we are committed to upholding the integrity, innovation and values ​​of Reebok, including its presence in bricks and mortar. We look forward to working closely with the Reebok team to build on the brand’s success.

Authentic Brands Group Рwho filed for an IPO in July Рwent on a fashion shopping spree, picking up Eddie bauer, Brooks Brothers and Lucky mark through the Sparc Group (a joint venture with Simon Property Group) over the past year and has recently started the process of acquires IZOD, Van Heusen, Arrow and Geoffrey Beene from PVH. She already owns Forever 21, Barneys New York, Herv̩ Leger, Juicy Couture, Nine West, A̩ropostale, among many others.

Kasper Rorsted, CEO of Adidas AG, said of the deal: “Reebok has been a valuable part of Adidas, and we are grateful for the contributions the brand and the team behind it have made to our business. . With this change in ownership, we believe the Reebok brand will be well positioned for long term success. “

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