CHINA: adidas buys Reebok distribution rights
The adidas Group has taken over the Chinese distribution and license rights for its recently acquired Reebok brand, as part of its push to strengthen control over its global operations.
In mutual agreement with New Point Industrial, adidas will hold the exclusive distribution rights for Reebok products in China as of 1 January next year. It is not revealing financial details about the transaction but it said it predicts synergies of at least EUR200m (US$250.51m) by 2009 from buying out distributors and joint ventures.
adidas already bought the rights for Reebok in Russia back in May, as it attempts to mirror the success it has seen by buying out distributors of its core adidas brand.
The adidas business in Italy, for example, has more than doubled since the buyout in 2002, while a buyout in Japan in 1999 allowed it to take over market leadership in the world's second-largest sporting goods market.
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