After 16 years of ownership of Reebok, the German giant adidas has just announced that it has reached a sale agreement with Authentic Brands Group (Forever 21, Volcom, Juicy Couture) for the sum of 2.1 billion euros.
This announcement does not come as a surprise. The German firm had announced last February that it had put the Reebok brand up for sale, having acquired it in 2006 for the sum of 3.1 billion euros. On Thursday 12 August, adidas sold the brand with the vector logo to Authentic Brands Group. Reebok will join a catalogue of some thirty brands, as Authentic Brand Group owns Juicy Couture, Forever 21, Volcom, as well as the names of Shaquille O’Neil, Elvis Presley and Sports Illustrated magazines.
“It is an honour to be entrusted with the responsibility of carrying on the Reebok legacy,” said Jamie Salter, founder, president and CEO of ABG in a statement. “This is an important milestone for ABG, and we are committed to preserving the integrity, innovation and values of Reebok, including its presence in bricks and mortar. We look forward to working closely with the Reebok team to build on the success of the brand. ” The transaction will therefore be completed in early 2022.