Adidas has announced it will sell Reebok in a major overhaul.
The sports giant made the disclosure in a statement today, noting that it has started the process to divest Reebok.
Adidas CEO Kasper Rorsted said, “After careful consideration, we have come to the conclusion that Reebok and Adidas will be able to significantly better realise 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,” he continued.
Adidas said it will be focusing on its own brand, following a review and will unveil its strategic plan next month.
Adidas bought Reebok for US$3.8 billion in 2006.