As was rumored since last year, Adidas Group is now selling its Rockport brand of fashionable footwear. The buyer is a new company orchestrated by the institutional investor Berkshire Partners and New Balance, the U.S. sports footwear and apparel brand. The German group is set to divest Rockport for a total of $280 million. New Balance will invest via its Drydock operations which will market the brands Rockport, Aravon, Dunham and Cobb Hill.
At the same time, Adidas has presented its preliminary figures for the financial year 2014, ended Dec. 31. Sales were up by 6 percent in constant currencies and by 2 percent in euros. They reached a total of €14.8 billion. Profit is expected to be €650 million – excluding the effect of the Rockport divestment which is said to be into double-digits millions of euros.
On a currency-neutral basis, sales of the Adidas brand improved by 11 percent, while Reebok turnover jumped up 5 percent. Profits for the whole corporation were influenced by the challenging situation in Russia and the consequent ruble landslide. The impact is estimated to be around €80 million for Russia and the Community of Independent States.