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Adidas AG (
ADDYY) said Tuesday that it will divest is struggling Reebok brand as it looks to close the gap on rival Nike Inc. (
NKE) - Get Report in the global sport apparel market.
Following a five year review of its global operations, Adidas said it will divest Reebok, which it purchased in 2006 for $3.8 billion, and report Reebok earnings as discontinued operations starting in the first quarter of this year. The group will focus on what it calls the further strengthening the leading position of the adidas brand in the global sporting goods market. A broader update on the group s strategy will be presented during the group s March 10 investor day, the company said.
Adidas Considering Sale of Struggling Reebok Brand; Shares Gain
Adidas, which bought Reebok in 2006 for $3.8 billion but wrote its value down to just under $1 billion last year, will decide the fate of the struggling brand by March 10.
Author:
Adidas AG (
ADDYY) said Monday that it will consider selling its struggling Reebok brand as it looks to strategic alternatives that could close the gap on sports apparel rival Nike Inc. (
Adidas said a decision on the future of Reebok, which it purchased in 2006 for $3.8 billion, will be made by March 10, with options including the outright sale of the group or keeping it within the broader Adidas stable. Adidas wrote down the value of Reebok to just under $1 billion last year, as sales of the brand struggled.