Berlin (dpa) – The German sportswear giant Adidas is looking to sell its US subsidiary Reebok, the company announced in a statement on Tuesday.
Adidas said it has “decided to begin a formal process aimed at divesting Reebok.”
The sporting goods manufacturer said it intended to focus on strengthening the position of the core Adidas brand on the global market.
It is still unclear what will happen to Reebok. The subsidiary will be reported “as discontinued operations from the first quarter 2021 onwards,” Adidas said.
“After careful consideration, we have come to the conclusion that Reebok and Adidas will be able to significantly better realize their growth potential independently of each other,” Adidas CEO Kasper Rorsted said.
“We will work diligently in the coming months to ensure a successful future for the Reebok brand and the team behind it,” Rorsted added.
Adidas acquired Reebok in 2006, but the US firm had repeatedly incurred losses.