Adidas heads for 20% sales leap
01/08/2017
Sales for the three months reached €5 billion while profit jumped to €505 million.
The divestures of golf company TaylorMade and ice hockey brand CCM Hockey had a negative impact of around €200 million.
Adidas has agreed to sell its CCM ice hockey brand to a newly formed affiliate of private equity firm Birch Hill Equity Partners for $110 million, the majority of which will be paid in cash.
“CCM and its employees have made great contributions to our company. We have every confidence that the brand will continue to grow successfully under its new ownership,” said Kasper Rorsted, CEO of adidas.
“The divestiture of CCM further reflects the commitment to our ‘Creating the New’ strategy, with complete focus on building on our strength in footwear and apparel via our adidas and Reebok brands.”
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