October 27, 2021

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German sportswear giant Adidas plans to sell U.S. subsidiary Reebok

Reebok building

Reebok building

German sportswear giant, Adidas announces plan to sell its struggling U.S. subsidiary Reebok, due to effect of COVID-19 on global market.

The German sportswear giant, Adidas will announce its financial results on Wednesday, and give more details on the plans to sell its struggling U.S. subsidiary Reebok.

Adidas announced in mid-February that it had decided to begin a formal process aimed at divesting Reebok.

The sporting goods manufacturer said it intended to focus on strengthening the position of the core Adidas brand on the global market.

Over the past month, there has been widespread speculation in the sportswear industry as to who might be interested in buying the Reebok brand, but no buyer yet been announced.

After Adidas reveals how the pandemic has affected its bottom line during the past financial year, it will hold a virtual event for investors and the media to present a planned strategic overhaul for the next five years. (dpa/NAN)

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