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Friday, May 27, 2016

adidas Sells Mitchell & Ness?!?!*~

Reuters reports that adidas has agreed to sell sports clothing company Mitchell & Ness to a newly formed entity primarily owned by U.S. private equity firm Juggernaut Capital Partners. While official numbers weren't disclosed, the deal is described as a "one-time gain in a the low to medium double-digit million euro range." With the cash, adidas plans to re-invest in its "Creating the New" brand 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 in a statement earlier today.

Adidas sells U.S. apparel firm Mitchell & Ness

Business | Fri May 27, 2016 2:52am EDT FRANKFURT Adidas (ADSGn.DE) said it had agreed to sell U.S. sportswear seller Mitchell & Ness, resulting in a one-time gain in a the low to medium double-digit million euro range. The German group said in a statement on Friday it would re-invest the proceeds of the sale into its "Creating the New" strategy.

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