Adidas Sells Its Hat Products And Clothing Brands.

Germany

Brand giant Adidas has agreed to sell its non core classic retro.

Products and

Brand Mitchell & Ness focuses on the field of high performance sports products.

The company claims that the sale will get a one-time income of two million euros in the low to medium range, and the proceeds will be reinvested in its Creating the New business plan, which aims to boost revenue and earnings growth.

Mitchell & Ness is a brand with a strong lifestyle and is famous for its genuine hat and garment making technology.

However, our focus is more on high performance sports, and the brand portfolio has a clear timetable to bring the potential of athletes into full play and stimulate consumers' more active life.

Classic caps and garments are not in line with this core strategy. The sale of Mitchell & Ness will enable us to reduce complexity and make our core brands more active in pursuing our target consumers.

Adidas Group Executive Director Herbert Hainer said.

Classic retro hat products and garments are not the core strategy, and the sale of Mitchell & Ness will reduce complexity of our business strategy and make use of our core brand's more active target consumers.

The buyer is newly established Juggernaut Capital Partners, which is mainly owned by US private Holdings Company, and plans to establish business through health benign and mergers and acquisitions.

Mitchell & Ness, headquartered in Philadelphia, USA, is a global classic hat and garment platform. It has long-term licensing agreements with several professional sports alliances, including the US National Basketball Association, Major League Baseball, the National Hockey League (National Hockey Hockey) and the National Football League.

It was acquired by adidas group member The Sports Licensed Division (SLD) in 2007, and the amount is unknown.

According to Adidas, it is preparing to launch large-scale footwear production in the industrial metamorphosis Speedfactory plant in Germany in 2017.