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Adidas plans to divest Reebok brand

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'Adidas' store is seen closed due to the coronavirus disease (COVID-19) pandemic in Munich, Germany, February 5, 2021. Picture taken February 5, 2021. REUTERS/Michaela Rehle

BERLIN, Feb 16 (Reuters) - German sportswear maker Adidas AG (ADSGn.DE) said on Tuesday it plans to divest the underperforming brand Reebok that it failed to revive 15 years after buying the U.S. fitness label to help compete with archrival Nike Inc (NKE.N).

Adidas said in a statement it had decided to begin a formal process aimed at divesting Reebok as part of a five-year strategy it plans to present on March 10.

"Reebok and Adidas will be able to significantly better realize their growth potential independently of each other," said Chief Executive Kasper Rorsted.

Reporting by Emma Thomasson; editing by Thomas Seythal

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