Matt O’Toole, President, Reebok is exploring various options to sell the activewear brand. Although the sale has attracted numerous companies including Authentic Brands Group, VF Corp and Anta Sports, China-based parent of Fila and Descente among them — no deal has been finalized as yet.

Adidas bought Reebok for $3.8 billion in 2006 and the sale is now expected to be worth $2.4 billion. Adidas incurred costs of €60 million related to divestiture in the first quarter, and is reporting all income and expenses for Reebok as discontinued operations. However, Reebok experienced a sustainable business recovery in Q1, with net sales up double digits backed by a strong order book going into 2021.

Once the sale is completed, Adidas has no plans to downsize or exit the Boston headquarters, which employs some 700 people. The employees will begin returning to office this summer but most likely on a staggered basis, says O’Toole. O’Toole said Reebok will not be involved with Fédération de la Haute Couture et de la Mode, and will only support designer Kerby Jean-Raymond as he shines a light on his Pyer Moss collection. However, the designer is working closely with Reebok’s design team, led by Portia Blunt, who joined the brand from New Balance in March as vice president of apparel. Reebok’s other launches expected for 2021 include updates on the basketball heritage side as well as a “big launch of classic leather at the end of the year, O’Toole said.