After 15 years of ownership, Adidas has confirmed that it will be selling the Reebok brand. The decision to offload the sportswear brand forms part of Adidas' five-year growth strategy.

Reebok was previously bought by Adidas in 2006 for $3.77 billion as part of its efforts to take on Nike. According to The Guardian, it is expected to be sold for less than $2.43 billion.

Adidas previously stated that it had completed an assessment of "strategic alternatives" for Reebok. This was part of a five-year strategy under which it intended to focus its efforts on strengthening the Adidas brand.

"The long-term growth opportunities in our industry are highly attractive, particularly for iconic sports brands," Kasper Rørsted, chief executive, Adidas, told The Guardian. "After careful consideration, we have come to the conclusion that Reebok and Adidas will be able to significantly better realize their growth potential independently of each other. We will work diligently in the coming months to ensure a successful future for the Reebok brand and the team behind it."

The Guardian says that potentially interested parties include VF Corporation, the owner of North Face and Timberland; Chinese sportswear firm Anta Sports; and Authentic Brands, the owner of Forever 21, Nine West and Juicy Couture. Mike Ashley's Frasers Group is also a possibility.