Adidas
AG, Herzogenaurach, Germany, recently announced it will sell its Philadelphia-based Mitchell & Ness brand, according to The Wall Street Journal.
Mitchell & Ness, a lifestyle brand that is an apparel and headwear licensee of several sports leagues, including the National Football League (NFL) and National Basketball Association (NBA), is being sold to U.S. private-equity firm Juggernaut Capital Partners for a low- to middle-double-digit million euro sum. Adidas will then reinvest the money from the sale in its “Creating the New” strategic plan, which is aimed at increasing turnover and profit.
“Nostalgia headwear and apparel is not core to this strategy and the sale of Mitchell & Ness will allow us to reduce complexity and pursue our target consumer more aggressively with our core brands,” says Adidas CEO Herbert Hainer.
The deal is expected to close this quarter, according to the company.