August 12, 2005 Merger with ReebokOrganisation: Adidas
Analysis and commentary by Echo Research. The recently announced nuptuials between industry giants Adidas and Reebok were variously described as, "Adidas sprints toward Reebok acquisition"(The Manufacturer, 3/8) and "Massive global brand sells out to, er ... other massive global brand"(Observer, 3/8). However, the significance of the amicable link-up between the two previous rivals was not lost in the rhetoric. The Evening Standard spoke of a "seismic shift in its trainers war with Nike"(3/8), while the Financial Times bluntly stated "Reebok gives Adidas size to take on Nike"(3/8). For Adidas, Reebok offered global scale, a sizeable share of the elusive US market, widespread brand recognition and a bite at its lucrative 'lifestyle' image. While proud of the Adidas appeal for engineering and quality, CEO Herbert Hainer was clear about the competitor's charms: "Reebok has brought a new business to the table, which is a fusion of sport, lifestyle and music and they have done it better - and faster - than us"(Guardian, 4/8). Negative reaction was limited largely to analyst comment, some wary of the alleged lack of synergy between the two businesses, and concern that Reebok's purchase would lead to excessive debt, a dilution of Addidas' holdings (Gavin Finlayson, Commerzbank Analyst, GG2.NET, 4/8) and
"cannibalisation of each other's sales"(Sunday Times, 7/8).
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