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Adidas announces sale of its US subsidiary Reebok | ECONOMY

German sports brand adidas announced the sale of its American subsidiary Reebok, in difficulties for years.

Adidas “has decided to begin a formal divestment process in reeboks” as part of a five-year recovery plan, the group said in a statement.

The text does not mention any potential buyers and merely indicates that more details will be announced at a meeting on March 10.

The group indicated that it will focus its recovery efforts on the brand adidas.

“After careful reflection, we have come to the conclusion that Reeboks and Adidas they will be able to significantly improve their growth power independently”, explained the president of the multinational, Kasper Rorsted.

“We will work diligently in the coming months to ensure a successful future for the brand. reeboks and the team that supports it”, he explained.

Adidas bought Boston-based Reebok in the northeastern United States in 2006 for $3.8 billion, aiming to bolster its competition with Nike.

But Reebok never managed to gain its own financial autonomy, despite collaborations with celebrities from the art world such as Victoria Beckham, Cardi B or Ariana Grande.

The brand is currently valued at around 800 million euros (about US$ 973 million), after successive devaluations.

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