Adidas sells Reebok to ABG for £1.75bn

Adidas has agreed a deal to sell Reebok for up to €2.1bn (£1.75bn) to American clothing brand Authentic Brands Group (ABG). 

Adidas first purchased the rival sports brand in 2006, in a £2.7bn deal, which also included the Rockport, CCM Hockey and Greg Norman brands. However, these brands were later divested by the group for €0.4bn (£0.34bn). 

The news comes after Adidas confirmed in February that it was to begin a formal sales process for Reebok, as the group was eager to focus on “further strengthening” the leading position of the Adidas brand. 

The brand has said that the sale of Reebok has “no impact” on its financial outlook for the current year. 

Jamie Salter, founder and CEO of ABG said it was an “honor” to be entrusted with “carrying Reebok’s legacy forward”. 

He said: “This is an important milestone for ABG, and we are committed to preserving Reebok’s integrity, innovation, and values – including its presence in bricks and mortar. We look forward to working closely with the Reebok team to build on the brand’s success.”

Kasper Rorsted, CEO of Adidas, added: “Reebok has been a valued part of Adidas, and we are grateful for the contributions the brand and the team behind it have made to our company. With this change in ownership, we believe the Reebok brand will be well-positioned for long-term success.”