ADIDAS SELLS OFF IT’S STAKE IN MITCHELL & NESS


Adidas has sold off its stake in nostalgia sportswear brand, Mitchell & Ness, reports Reuters.
While specific terms were not disclosed, the deal is said to be in the ” low to medium double-digit million euro range.”
In a statement Friday (May 27), Adidas said it would re-invest the proceeds of the sale into its “Creating the New” strategy.
“Nostalgia headwear and apparel is not core to this strategy and the sale of Mitchell & Ness will allow us to reduce complexity and pursue our target consumer more aggressively with our core brands,” Adidas said.
The new owner of Mitchell & Ness is a newly formed entity, owned by US equity firm, Juggernaut Capital Partners.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: