Adidas has announced that it is putting Reebok up for sale, with the company planning to remove the brand from its reporting as of the first quarter of 2021.
Adidas acquired the Boston-based Reebok 16 years ago, when it purchased it for $3.8bn. Prior to the pandemic, Adidas is reported to have hoped to sell Reebok for €2bn, but this is now expected to drop significantly, with Adidas having written down Reebok's value to €842m last year.
Prospective buyers are said to include Anta and VF Corp., which recently acquired Supreme. The private equity firms Permira and Triton are also reported to be interested.
In the first nine months of 2020, Reebok drove €1bn in revenue. The company has not been a hugely successful acquisition for Adidas, however. Reebok's annual revenue shrank by $2bn in the first eight years following its acquisition as its existing sports partnerships expired, and Nike and Adidas increased their market share in the US.