‘We are not interested in buying the company’: Adidas’ CEO after Adidas buys ‘sportswear brand’
Adidas has taken a $1.2 billion stake in a sports apparel company, the company said on Wednesday, in the latest shakeup in the world’s biggest sports apparel retailer.
The acquisition of Adidas Originals, a division of the German sports shoe brand Adidas, is expected to be completed by the end of the year, the German company said in a statement.
The sale is a big win for the Adidas brand and its chief executive, Jurgen Ruhle, who has been leading the company since 2015.
“I am very happy to welcome the new Adidas Origins to Adidas,” Ruhl said in the statement.
“We are confident that this new Adidas will be a strong partner for Adidas Origios future.”
The purchase is the latest in a string of high-profile deals Adidas has made in recent years.
The German sports apparel maker last year paid $2 billion for the U.S. clothing chain Gap Inc. and plans to spend $1 billion in 2017 on apparel and accessories.
The company also acquired a majority stake in Adidas Origen, a footwear brand it bought in 2014.
It said at the time it would build on its long-standing partnership with the brand by expanding its global footprint and by partnering with a number of high profile brands, including Nike, ASOS, and Adidas.