Entertainment company Authentic Brands Group (ABG) is set to buy Reebok from Adidas.
The footwear brand operates throughout the globe, with around 70 percent of its business coming from outside the U.S. and Canada.
“We’ve had our sights set on Reebok for many years, and we’re excited to finally bring this iconic brand into the fold,” says Jamie Salter, founder, chairman, chief executive officer, ABG. “Reebok not only holds a special place in the minds and hearts of consumers around the world, but the brand also has expansive global distribution. adidas has been an incredible steward of the Reebok brand, and we look forward to working with the Reebok team to continue their great work and further its position as one of the world’s leading consumer brands.”
As part of the deal ABG plans to “maintain the brand’s global footprint across retail, wholesale and e-commerce channels.” Reebok’s headquarters will remain in Boston.