2/16/2021, 3:42 PM (Source: TeleTrader)
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Chart for: ADIDAS AG NA O.N.

Adidas to sell Reebok

Adidas AG announced on Tuesday that "a formal process aimed at divesting" Reebok has started after the company had completed "its assessment of strategic alternatives" for its subsidiary.

Reebok will be reported as "discontinued operations" beginning with the first quarter of 2021 onwards, the German sportswear manufacturer also revealed.

"After careful consideration, we have come to the conclusion that Reebok and adidas will be able to significantly better realize their growth potential independently of each other. We will work diligently in the coming months to ensure a successful future for the Reebok brand and the team behind it," Adidas CEO Kasper Rorsted commented in the company's press release.

Baha Breaking News (BBN) / MS