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Adidas to sell Reebok Business…

The Three Stripes brand, adidas is planning to sell its Reebok division, according to manager-magazin.

Per the report, adidas is planning to complete the sale by March 2021, and had written down the book value of Reebok by nearly half to 842 million euros ($995 million) since 2018 but did not specify a possible sale price.

Bought by adidas in 2005 for $3.8 billion, Reebok’s sales fell 44% in the second quarter to 228 million euros ($270 million), mainly due to its large exposure to the U.S. market, causing its parent to take impairment charges in the period.

The publication further reports that parties interested in buying Reebok include VF Corp., which owns the Timberland and North Face brands, as well as China’s Anta International Group Holdings.

adidas hasn’t commented on this report.

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