Adidas (ADSGn.DE) is selling its Reebok business to Authentic Brands Groups (ABG) for up to 2.1 billion euros ($2.5 billion) as the German sporting goods company seeks to focus on its core brand after a deal that failed to live up to expectations.
Boards with Reebok store logo are seen on a shopping center at the outlet village Belaya Dacha outside Moscow, Russia, April 23, 2016. REUTERS/Grigory Dukor/File PhotoSale has no impact on Adidas outlookis selling its Reebok business to Authentic Brands Groups for up to 2.1 billion euros as the German sporting goods company seeks to focus on its core brand after a deal that failed to live up to expectations., but its sluggish performance led to repeated calls from investors to sell the brand.
ABG has rapidly amassed over 30 labels that are sold at about 6,000 stores. Those brands include apparel chains Aéropostale and Forever21, as well as and Sports Illustrated magazine. After Kasper Rorsted took over as Adidas CEO in 2016, he launched a turnaround plan for Reebok, which helped it return to profitability, but its performance continued to lag that of the core Adidas brand and it was then hit by the COVID-19 pandemic.
Reebok's recent collaborations with celebrities like Cardi B and a renewed focus on women's apparel have put the brand in a better place, analysts say.
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