Manager Magazin points out that adidas’ Kasper Rørsted had hoped to revitalize Reebok upon being appointed CEO in 2016. In the years since, he has stated on numerous occasions that he has no intention of selling the brand, even amid urges to do so from investors.
adidas is said to have an internal team currently working on the sale of Reebok. Possible suitors are VF Corporation, which owns Vans, Timberland, and The North Face, among others, and China’s ANTA Sports.
adidas purchased Reebok back in 2006 for $3.8 billion, as it hoped to have the brand compete with rival Nike in the United States. Recent struggles, including a 42 percent decrease in revenue in Q2 2020, have spawned Rørsted to offload Reebok for a desired sum of $2.4 billion, Manager Magazin reports, although this was the target amount given before the pandemic hit.
Since news of adidas’ reported sale of Reebok, the company’s shares have risen 3.2 percent.
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