In order to expand watch market, adidas announce a global licensing agreement with the Timex Group. The Connecticut based the Timex Group designs, manufactures and sells innovative timepieces worldwide.
- The Timex Group will develop, manufacture and sell watches worldwide under the adidas Originals brand.
- The first collection will hit the market in early 2022.
- The new collection, will combine the watchmaking and design expertise of the Timex Group with the street culture-inspired and sustainability-conscious brand adidas Originals.
In Feb 2021, the adidas has decided to begin a formal process aimed at divesting Reebok. The company intends to focus its efforts on further strengthening the leading position of the adidas brand in the global sporting goods market. Accordingly, adidas is going to report Reebok as discontinued operations from the first quarter 2021 onwards.
In Nov 2020, adidas had replaced the syndicated revolving loan facility under participation of KfW, Germanys state-owned development bank. The company had received the approval of the German government for the participation of KfW in the $3.6 billion syndicated loan earlier this year to bridge the unprecedented situation caused by the global coronavirus pandemic.
Adidas is a global leader in the sporting goods industry with the core brands Adidas and Reebok. Based in Germany, Adidas employ over 62,000 people in around 100 nations. It manufactures shoes, clothing and sports accessories.