FRANKFURT Adidas (ADSGn.DE) said it had agreed to sell U.S. sportswear seller Mitchell & Ness, resulting in a one-time gain in a the low to medium double-digit million euro range.
The German group said in a statement on Friday it would re-invest the proceeds of the sale into its "Creating the New" strategy.
"Nostalgia headwear and apparel is not core to this strategy and the sale of Mitchell & Ness will allow us to reduce complexity and pursue our target consumer more aggressively with our core brands," Adidas said in a statement on Friday.
The buyer is a newly formed entity primarily owned by U.S. private equity firm Juggernaut Capital Partners.
(Reporting by Maria Sheahan; Editing by Caroline Copley)