May 27, 2016 / 6:53 AM / 2 years ago

Adidas sells U.S. apparel firm Mitchell & Ness

FRANKFURT (Reuters) - 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

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