Adidas has now begun selling Reebok after confirming the news in December 2020. The sporting goods brand will now be owned by Authentic Brands Group. This company also owns brands such as Juicy Couture and Forever 21. Reebok joined ABG in a $2.5 billion deal. The brand recently collaborated with Cardi B and Maison Margiela, but the sale was made after the brand’s revenue declined in 2020.
“It’s an honor and a privilege to carry Reebok’s legacy forward. This is a significant milestone for ABG. We are committed to protecting Reebok’s integrity and innovation as well as its values, including bricks and mortar. We look forward to working closely together with the Reebok staff to continue the brand’s success,” Jamie Salter, Chairman and CEO of ABG, stated in a statement.
Kasper Rorsted, Adidas CEO, said: “Reebok is a valuable part of Adidas. We are grateful for their contributions to our company. ”
The sale of $2.5 billion USD is expected to close by 2022.