Adidas completes sale of Reebok
Nicola Mira
German sports group AdidasReebokAuthentic Brands Group
To ensure a smooth transition, the German group will continue to oversee Reebok’s operational activities on behalf of ABG in several markets for a period of time. “The completion of the Reebok sale is another important step in the execution of our ‘Own the Game’ strategy,” said Adidas’s CFO Harm Ohlmeyer on Tuesday.
As previously announced, Adidas wants to transfer some of the proceeds from the sale to its shareholders.
The group also intends to buy back €1.5 billion worth of shares, over a period extending from mid-March to the end of Q3. This operation is additional to the current buyback programme, which could be worth up to €4 billion by 2025.
A few days ago, US-based ABG announced that it would entrust Reebok’s European business to New Guards GroupFarfetchJDthe latter’s 2,850 European stores
In 2020, Reebok generated a revenue of €1.4 billion, with a gross margin of 44.8% and a net operating loss of €38 million.
