In an effort to focus on its core brands, adidas will soon divest its association with lifestyle label Mitchell & Ness. An agreement of sale was reached with a company owned by U.S. private equity firm Juggernaut Capital Partners, and totals a “low to medium double-digit million euro sum.”
In a press release, adidas Chief Executive Herbert Hainer stated that “nostalgia headwear and apparel is not core to [our “Creating the New”] strategy and the sale of Mitchell & Ness will allow us to reduce complexity and pursue our target consumer more aggressively.”
Once the transaction has been finalized, adidas will begin to pour more resources into enhancing its line of performance sportswear.
Recently, adidas announced that it would bring mass-shoe production back to Germany.
- Source: Reuters