Adidas seeks buyers for Rockport brand
07 May 2014
German sports shoes, clothing and accessories giant Adidas AG is planning to sell its struggling Rockport brand, its chief executive Herbert Hainer said yesterday.
The Bavarian company has hired investment bank Guggenheim Partners to look for potential buyers for Rockport, the world's second-biggest sportswear firm group, which, according to industry experts, may fetch around more than $300 million.
Rockport came into the Adidas portfolio when it acquired Reebok in 2006 in a $3.8-billion deal.
Founded in Massachusetts in 1971 by Saul Katz and his son, Bruce Katz, Rockport produces footwear and operates stores in 67 countries around the world, including at retailers like Macy's, Zappos, and Nordstrom.
Most of Rockport shoes are now made in China, India and other East Asian countries, but none of their shoes are currently manufactured in the US.
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