Adidas may sell Reebok

News

Adidas may sell Reebok

27.10.2020 News

According to Bloomberg, a source familiar with the situation, German manufacturer of sportswear and accessories Adidas AG is considering the possibility of selling its brand Reebok.

“In the coming months, the company will decide whether to start the sale process,” the source said. According to the interlocutor of the agency, the internal assessment of sales prospects is at an early stage.

The agency recalls that Adidas CEO Casper Rorsted has repeatedly denied rumors that he wants to sell Reebok. He closed those Reebok stores which showed weak performance and also took steps to reduce costs. After Reebok finally regained profitability by early 2019, Rorsted expressed hope that now it will be possible to drive sales growth with new lines of sports shoes, such as CrossFit Nano and FloatRide Run.

The Reebok brand has suffered from the coronavirus pandemic more than Adidas. While Adidas revenue fell 33% in the second quarter, Reebok sales fell 42% over the same period.

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