© Reuters. FILE PHOTO: Boards with Reebok store logo are seen on a shopping center at the outlet village Belaya Dacha outside Moscow, Russia, April 23, 2016. REUTERS/Grigory Dukor/File Photo
BERLIN (Reuters) – Adidas (OTC:) is selling its Reebok brand to Authentic Brands Groups for up to 2.1 billion euros ($2.46 billion) as it seeks to draw a line under an ill-fated investment that never lived up to the German sporting goods company’s expectations.
Adidas said in a statement that the sale had no impact on its financial outlook for the current year or for its targets set out in the five-year strategy it announced in March.
Adidas bought U.S. fitness label Reebok for $3.8 billion in2006 to help to compete with arch-rival Nike (NYSE:), but itssluggish performance led to repeated calls from investors todispose of the brand.
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