YOMZANSI. Documenting THE CULTUREYOMZANSI. Documenting THE CULTURE
  • LATEST
    • TV & FILM
    • MUSIC
    • EVENTS
    • FASHION
    • LIFESTYLE
    • TECH
    • VIDEOS
    • FOOD
    • SPORTS
    • CAREERS/TIPS
  • FOOTWEAR
  • EDITORIALS
  • COVERS
  • PODCAST
Facebook Twitter Instagram
  • ABOUT
  • SUBSCRIBE
  • ADVERTISE
  • DISCLAIMER
  • CONTACT
Facebook Twitter Instagram YouTube TikTok
YOMZANSI. Documenting THE CULTURE YOMZANSI. Documenting THE CULTURE
  • LATEST
    • TV & FILM
    • MUSIC
    • EVENTS
    • FASHION
    • LIFESTYLE
    • TECH
    • VIDEOS
    • FOOD
    • SPORTS
    • CAREERS/TIPS
  • FOOTWEAR
  • EDITORIALS
  • COVERS
  • PODCAST
YOMZANSI. Documenting THE CULTUREYOMZANSI. Documenting THE CULTURE
Home » adidas is selling Reebok to Authentic Brands Group for $2.5 Billion
Business

adidas is selling Reebok to Authentic Brands Group for $2.5 Billion

After 15 years of ownership.
@yomzansiBy @yomzansi2 years ago
Facebook Twitter WhatsApp Reddit Email

adidas announced today that it has entered into a definitive agreement to sell Reebok to Authentic Brands Group (ABG) for a total consideration of up to 2.1 billion euros ($2.5 billion), with the majority to be paid in cash at closing of the transaction and the remainder comprised of deferred and contingent consideration.

The closing of the transaction is subject to customary closing conditions and is expected to occur in the first quarter of 2022. adidas intends to share the majority of the cash proceeds to be received upon closing with its shareholders.

ABG has a portfolio of more than 30 brands and a history of buying up struggling brands such as Juicy Couture, Forever 21, and Brooks Brothers.

Adidas bought Reebok for $3.8 billion in 2006.

“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.

Jamie Salter, Founder, Chairman and CEO of ABG commented, “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.”

According to adidas group in a published statement, the sale of Reebok has no impact on adidas’ financial outlook for the current year or the company’s 2025 financial ambition that was announced as part of its Own the Game strategy in March of 2021.

In March of this year, adidas presented its 2025 “Own the Game” Strategy designed to significantly increase sales and profitability and gain market share by 2025. During the strategy formulation process, adidas assessed strategic alternatives for Reebok with a focus on ensuring both adidas and Reebok would be well positioned for sustainable growth.

Following this evaluation, adidas decided to focus its efforts on further strengthening the leading position of the adidas brand in the global sporting goods market and announced the initiation of a formal process to divest Reebok in February 2021.


Share your thoughts on this article and join the conversation on Twitter or Facebook.

 

Receive exclusive and latest updates on Music, Sneakers, Fashion and latest trends.

 


 

(Visited 5,067 times, 1 visits today)
Adidas Authentic Brands Group Reebok
Previous ArticleShowmax Pro to livestream English Premier League, La Liga and Serie A
Next Article The Top 10 Best Sneaker photos of the week

Related Posts

A bunch of YEEZYs making their way to shelves from this Saturday

11 hours ago

MultiChoice Group to launch new integrated payment platform

2 days ago

Food and Beverage industry sees steady growth in March 2023

1 week ago

Woolworths launches electric vans for online deliveries

2 weeks ago

adidas Skateboarding connects with Dime for a sleek collection

3 weeks ago

PUMA secures a multi-year partnership with Formula 1

3 weeks ago




GET OUR NEWSLETTER
Receive exclusive and latest updates on Music, Sneakers, Fashion and latest trends.


ABOUT – SUBSCRIBE – ADVERTISE – DISCLAIMER – CONTACT

YOMZANSI is an award-winning cultural platform, an influential publication covering News & Trends in Music, Sneakers, Fashion, Events, Tech & Motoring.

If you believe any materials accessible on or from this platform infringe your copyright, you may request removal of those materials (or access to them) from the Website by submitting written notification to yomzansi@gmail.com. We do not claim ownership of some of the images used on this website and all attempts will be made to list the sources.

Copyright © 2023 YOMZANSI

We're social. Connect with us:

Facebook Twitter Instagram YouTube TikTok

Type above and press Enter to search. Press Esc to cancel.