Adidas Sold Reebok Brand

Adidas ADR ($ADDYY@Germany) has sold its Reebok brand to Authentic Brands Group, a New York City-based brand management company, for approximately $2.5 billion. Authentic Brands Group’s portfolio consists of high-profile companies that fell on difficult times. Its corporate brands include Aeropostale, Barney’s New York, Brooks Brothers, Forever 21, Frederick’s of Hollywood, and more notable brands. Adidas acquired the Boston-based Reebok in 2006 for $3.8 billion, but the brand struggled financially for years. In February, the company announced it was planning to put the brand up for sale, adding it would report Reebok as a "discontinued operation" beginning in the first quarter of 2021.