Adidas to sell Mitchell & Ness business - sportstextiles: Lea SportsTextiles

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Adidas to sell Mitchell & Ness business

31/05/2016
Sports group adidas has agreed to sell US sportswear company Mitchell & Ness to a newly formed entity primarily owned by equity firm Juggernaut Capital Partner. Kevin Wulff, former CEO of Asics, will manage the brand.

The value of the transaction is expected to be in the “low to medium double-digit million euro range" and should be completed by the end of the second quarter of 2016. The proceeds from the sales will be re-invested to accelerate initiatives within the company’s ‘Creating the New’ business plan.
 
“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 and inspire consumers to live active lives,” said Herbert Hainer, CEO of the adidas Group.

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