Authentic Brands Group

German-based Adidas has sold Reebok in exchange for 2.1 billion euros to Authentic Brands Group (ABG)  due to the company's sluggish performance under its banner. Reportedly, Adidas had bought Reebok in 2006 but was not happy with the lagging performance in recent years and the COVID-19 pandemic made the situation worse. While, ABG CEO, Jamie Salter said, ''We're excited to finally bring this iconic brand into the fold.''