// Adidas mulls sale of Reebok
// The German sportswear giant would accept less than £1.8bn
// An internal review is in early stages
Adidas is reportedly mulling the sale of its Reebok brand, the British sportswear label it acquired in 2006.
The German sportswear giant said it would accept less than £1.8 billion for Reebok.
An internal review is in its early stages and the company will decide in the coming months whether to proceed with a sale, Manager Magazin reported.
Possible buyers include Timberland and North Face owner VF Corp, as well as China’s Anta International.
Adidas chief executive Kasper Rorsted said he hoped to gain €2 billion (£1.8 billion) for Reebok before the Covid-19 pandemic, but would now be content with a lower price tag.
Adidas had paid $3.8 billion (£2.8 billion) for Reebok back in 2006.
Since joining the company, Rorsted has dismissed speculations that he wanted to sell Reebok.
He has closed under-performing Reebok stores and allowed some licensing deals to expire, dampening sales at the struggling sporting label.
After Reebok returned to profitability early last year, Rorsted sought to help it generate sales growth with new footwear lines such as the CrossFit Nano and the FloatRide Run.
Reebok has seen its total revenues drop by 42 per cent during the pandemic, compared with a one third decline for the Adidas brand.