Adidas has sold off its stake in nostalgia sportswear brand, Mitchell & Ness, reports Reuters.
While specific terms were not disclosed, the deal is said to be in the ” low to medium double-digit million euro range.”
In a statement Friday (May 27), Adidas said it would re-invest the proceeds of the sale into its “Creating the New” strategy.
“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,” Adidas said.
The new owner of Mitchell & Ness is a newly formed entity, owned by US equity firm, Juggernaut Capital Partners.