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Adidas is drawing up a list of final bidders for the sale of Reebok, a brand that it acquired but failed to deliver the company’s expectations. Now it has put it up for sale and is hoping to get a good deal for it.
The bidders for Reebok
Adidas wants to recover at least some of the investments it poured into the acquisition of Reebok in 2006. As per Reuters, the sports apparel and sneaker maker approached its rival Wolverine Worlwide Inc. to forward a final bid in August.
The other companies were also notified, and these are Sycamore Partners, Cerberus Capital Management, CVC Capital Partners, and Advent International. In any case, Wolverine is the parent company of Saucony, Sperry, and Merrell, and it reportedly teamed up with Authentic Brands Group for the offer to bid for Reebok.
ABG already has an impressive portfolio of well-known brands in fashion and sports. Some of the labels it has acquired over the years are Eddie Bauer, Tretorn, Spyder, Airwalk, Volcom, Prince, Vision Street Wear, and Tapout.
At any rate, it was said that Adidas purchased Reebok for $3.8 billion 15 years ago in the hopes of beating Nike. However, the American footwear and clothing company did not do well, as expected in the market. Because of its sluggish performance since its acquisition, the investors have repeatedly called on Adidas to get rid of the brand.
For the sale, Reebok may only fetch up to $1.2 billion today. Adidas and the potential bidders were contacted for comments, but all of them declined or were not available to speak.
The initial announcement of Reebok sale
It was in February of this year when Adidas made an announcement about its intention to unload its underperforming Reebok label. But as early as December 2020, the company is already reviewing the options and thinking if it would be better to sell, as per SGB Media.
When the bidding was first announced, firms that have expressed interest are The North Face’s parent company VF Corp., Vans, Supreme, Timberland, and Anta International Group Holdings of China. Apparently, the list of final bidders was not in the initial list.
“The long-term growth opportunities in our industry are highly attractive, particularly for iconic sports brands,” Kasper Rorsted, Adidas CEO, said to explain its decision to sell. “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.”
