06 May Adidas Launches Auction For Reebok
Adidas has launched the auction to sell its Reebok brand with the first round of bids to be submitted next week, according to a report from Reuters.
On February 16, Adidas AG formally announced plans to divest its underperforming Reebok brand after announcing last December it had begun a review over a possible sale.
Sources told Reuters the bidding faces risks due to political tensions against Western companies in China boycotts. Nike, H&M and some other brands have been facing calls for boycotts after speaking out against alleged human-rights abuses in the cotton-producing region of Xinjiang.
Among possible bidders, sources told Reuters, are Anta Sports and Li Ning, both based in China; Korea’s Fila Holdings; and U.S.-based Wolverine Worldwide.
Potential financial investors including TPG, Sycamore, Cerberus and Apollo.