Juggernaut Capital will take over the headwear and apparel brand.
Juggernaut’s new entity will leverage the capabilities of the platform to grow organically and through the acquisition of additional businesses. The transaction, which is subject to custom closing conditions, is expected to close in the second quarter of this year.
Additionally, Adidas will record a one-time positive profit and loss impact at the time of closing. The company will also reinvest the proceeds from the divestment to accelerate initiatives that are part of the company’s “Creating the New” strategic business plan, which is designed to further strengthen the platform for ongoing top- and bottom-line growth.
“Mitchell & Ness is a strong lifestyle brand that is well known for its authentic headwear and apparel craftsmanship. However, our focus is more on performance sport and operating a brand portfolio with a clear agenda to unleash the potential of athletes
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