Adidas has decided to begin a formal sales process for Reebok as part of its new five-year strategy.

In a statement, the sportswear brand said it intends to focus its efforts on further strengthening the position of the Adidas brand in the global sporting goods market.

Adidas chief executive Kasper Rorsted said: “The long-term growth opportunities in our industry are highly attractive, particularly for iconic sports brands. 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. We will work diligently in the coming months to ensure a successful future for the Reebok brand and the team behind it.”

Accordingly, Adidas is going to report Reebok as discontinued operations from the first quarter 2021 onwards.  The brand acquired Reebok in 2006.