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Adidas considers selling Reebok

 A$AP Nas
A$AP Nas

Adidas is exploring a sale of its Reebok brand, according to insiders at the German sportswear giant.

An internal review is in its early stages and the company will decide in the coming months whether to proceed with a sale, they said.

A spokeswoman for Adidas said the company did not comment on market rumors.

Manager Magazin, which first reported the possible sale, said possible buyers included Timberland and North Face owner VF Corp, as well as China’s Anta International.

Adidas chief executive Kasper Rorsted had hoped to get about €2bn (£1.8bn) for Reebok before the pandemic, the magazine said he would now be happy with a lower price tag.

The German company paid $3.8bn for Reebok in 2006.

Shares rose more than 3pc in Frankfurt.

Since taking over four years ago, Mr Rorsted has repeatedly shot down suggestions that he wanted to sell the British brand founded in Bolton in 1958.
He has closed under-performing Reebok stores and allowed some licensing deals to expire, dampening sales at the struggling sporting label.

After Reebok returned to profitability early last year, Mr Rorsted hoped it could generate sales growth with new footwear lines such as the CrossFit Nano and the FloatRide Run.

He has compared running both Adidas and Reebok to being like a parent who loved both his children equally.

Reebok revenues have tumbled 42pc during the pandemic, compared with a one third decline for the Adidas brand