adidas has reportedly sold Reebok to Authentic Brands Group for $2.5 billion, according to Footwear News.
The sale arrives after years of the Three Stripes showing interest in selling the historic footwear brand. The push for the sale grew immensely during the pandemic as Reebok’s heavy U.S. presence was affected drastically. adidas reported that Reebok revenues were down 42 percent during the 2020 Q2 earnings report.
Authentic Brands Group has a stacked portfolio as Forever 21, Barneys New York, Air Walk, and others are under the ABG family. “ABG dedicates resources to giving back. Our brands mindfully engage in social and environmental activities and partnerships with the goal of bettering society,” according to the brand’s website.
Reebok was acquired by adidas in 2005 for $3.8 billion.
ABG has a lot to look forward to with Kerby Jean-Raymond leading and a new rededication to street hoops.
Stay tuned to SoleSavy for more on the ABG, Reebok acquisition.