Adidas sells U.S. sportswear company Mitchell & NessStaff writer ▼ | May 27, 2016
Adidas 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.
Selling "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 in a statement on Friday.
The buyer is a newly formed entity primarily owned by U.S. private equity firm Juggernaut Capital Partners. ■