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Adidas Chief Executive Officer Kasper Rorsted (File photo)

Adidas prepares sale of the Reebok brand — report

Adidas Chief Executive Officer Kasper Rorsted (File photo)

Adidas AG is looking to sell its Reebok brand before March 2021, Manager Magazin reported, without saying where it got the information.

The German sports apparel company has an internal team focused on the deal and has signed confidentiality agreements on the matter, the article said.

The Reebok logo is printed on a shirt prior to the annual shareholders meeting of German sports equipment company adidas AG in Fuerth, Germany, Thursday, May 11, 2017. (AP Photo/Matthias Schrader)

A spokeswoman for Adidas, reached by Bloomberg News, said the company doesn’t comment on market rumours.

Interested parties include VF Corp., which owns the Timberland and North Face brands, as well as China’s Anta International Group Holdings, Manager Magazin said.

While Adidas Chief Executive Officer Kasper Rorsted had hoped for about €2 billion (US$2.4 billion) from selling Reebok before the pandemic, he would now be content with less than that amount, the magazine said.

The German company acquired Reebok for US$3.8 billion in 2006.

— Bloomberg