Adidas has sold the Reebok brand to Authentic Brands Group (ABG) for €2.1 billion. The majority of this amount will be paid on completion of the deal, expected to be finalized in the first quarter of 2022.

Adidas AG CEO Kasper Rorsted, quoted by Eco Online, said he believes that with the sale, the Reebok brand "will be well positioned for long-term success." "As for Adidas, we will continue to focus our efforts on executing our 'Own the Game' strategy, which will allow us to grow in an attractive industry, gain market share, and create sustainable value for all our stakeholders," he added.

For his part, ABG founder and CEO Jamie Salter said it was an "honor" to be charged with "leading the Reebok legacy." "This is an important milestone for ABG and we are committed to preserving Reebok's integrity, innovation and values," he continued.

In a statement, Adidas also said that the sale had no impact on its financial outlook for the current year or the targets set in the five-year strategy announced in March.

The German company had bought the American sports brand Reebok for $3.8 billion in 2006 to help it compete with rival Nike. However, its performance did not meet Adidas' expectations, leading to repeated calls from investors to sell the brand.