Reebok and Vulcabras Form Joint Venture in Argentina

6/2/2008, 5:30 PM (Source: GlobeNewswire)
Canton, Massachusetts, June 2, 2008 - The adidas Group and Vulcabras
S.A. today announced that they have agreed to form a joint venture
company to conduct the distribution of Reebok footwear, apparel and
accessories in Argentina. This transaction, however, does not affect
sales and profitability expectations for the Reebok segment in 2008.

The joint venture company will commence operations on June 2, 2008.
Consequently, financial results of the joint venture will be fully
consolidated within the adidas Group as of June 1, 2008. The joint
venture agreement expires at the end of 2015.

VDA Calzados y Articulos Deportivos S.A, a subsidiary of Vulcabras
S.A., has been the exclusive and independent distributor as well as a
licensee of Reebok footwear and apparel products in Argentina since
2004. As part of the agreement, Vulcabras will continue to supply
Reebok products to the joint venture company.

The transaction is subject to regulatory review in Argentina.
Financial details of the transaction will be kept confidential.

About the adidas Group
The adidas Group is one of the global leaders within the sporting
goods industry, offering a broad range of products around three core
segments such as adidas, Reebok and TaylorMade-adidas Golf.
Headquartered in Herzogenaurach, Germany, the Group has more than
33,000 employees and sales of ¤10.3 billion.

About Reebok
Reebok International Ltd., headquartered in Canton, Massachusetts, is
a leading worldwide designer, marketer and distributor of sports,
fitness and casual footwear, apparel and equipment. A subsidiary of
the adidas Group, the company operates under the multiple divisions
of the Reebok brand, Reebok-CCM Hockey and the Sports Licensed
Division. For more information, visit Reebok at

About Vulcabras
Based in Jundiai, Brazil, Vulcabras S.A. is a holding company that by
way of subsidiaries develops, manufactures and distributes footwear
and apparel. Vulcabras produces most of its products at its plants
located in Ceara, Bahia, Sergipe and Rio Grande do Sul in Brazil and
Coronel Suárez in Argentina. Vulcabras is the biggest Brazilian shoe
manufacturer and distributor, has more than 30,000 employees and its
gross sales last year totaled US$1.1 billion.



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