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Sportswear company Adidas AG on Feb 16 announced to divest its wholly-owned subsidiary brand Reebok after acquiring the company in 2006.
Adidas AG in its statement said, “As part of the new five-year strategy, the company has decided to begin a formal process aimed at divesting Reebok.”
Speaking on the development, Kasper Rorsted, CEO of Adidas said, “The long-term growth opportunities in our industry are highly attractive, particularly for iconic sports brands.”
“After careful consideration, we have concluded 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,” Kasper added.