Authentic Brands Group (ABG) will pay up to 2.1 billion euros (over 53 billion CZK) for the brand. Adidas does it today announced in the press release.
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Adidas bought the Reebok brand about 15 years ago to better compete with its traditional American rival, Nike. At that time, he paid about 3.1 billion euros for the brand. However, Reebok’s poor results have led to repeated calls from shareholders for the company to get rid of the brand.
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Meanwhile, the German company has succeeded in consolidating the position of its main brand Adidas in the United States. Collaboration with celebrities, such as rapper Kanye West and singer and actress Beyoncé, contributed to this, Reuters reported.
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Adidas announced in February that it plans to sell the Reebok brand. The company now intends to focus on strengthening the position of its main brand Adidas in the global sporting goods market.
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Reebok sales are expected to close in the first quarter of next year. “We believe that with this change of ownership, the Reebok brand will be well placed to achieve long-term success,” said Adidas chief Kasper Rorsted.
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ABG founder and boss Jamie Salter called the takeover of the Reebok brand an important milestone in his company’s history. ABG owns the rights to the various clothing and entertainment brands it cares for, further develops or licenses to use.
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