adidas Just Confirmed That Reebok Is Up for Sale

It's been in the rumour mill for quite some time now but it's now been officially confirmed: adidas is selling Reebok.

Back in 2006, the Brand With The 3 Stripes acquired the British footwear label for a cool $3.8 billion. Now, fifteen years later, they're selling them off for less than half of that. According to reports from Business of Fashion, CEO Kasper Rorsted was looking for around $2.4 billion just before the coronavirus pandemic began. Since then, its value has decreased exponentially.

In an official statement, Rorsted stated, "The long-term growth opportunities in our industry are highly attractive, particularly for iconic sports brands. After careful consideration, we have come to the conclusion that Reebok and adidas will be able to significantly better realize their growth potential independently of each other. We will work diligently in the coming months to ensure a successful future for the Reebok brand and the team behind it."

Reebok has been struggling over the pandemic. To put this into perspective, their revenue decreased by 22% year-on-year through the first nine months of 2020. To add flame to the fire, adidas also haven't been having the best time either, with revenue dropping by 20% over the same period.

Not much else is known about this at the moment in time, but adidas are set to share more details during their new strategy presentation to investors on March 10th. What do you think of this news? Was it a long time coming? Let us know your thoughts, and while you're here, you might as well bring some colour back to your rotation with these 15 vibrant adidas sneakers!