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    A081660   KR7081660003

FILA HOLDINGS CORPORATION

(A081660)
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Adidas launches Reebok auction, China row may dent Asian interest: sources

05/05/2021 | 11:22am EDT
FILE PHOTO: Boards with Reebok store logo are seen on a shopping center at the outlet village Belaya Dacha outside Moscow

FRANKFURT (Reuters) - Sporting goods maker Adidas has launched the sale of its Reebok brand in an auction which risks being affected by a political row over possible forced labour in China's western Xinjiang region, three sources told Reuters.

Adidas bought the U.S. fitness label for $3.8 billion in 2006 to help compete with arch-rival Nike, but its sluggish performance led to repeated calls from investors to dispose of the brand, which is now expected to fetch only around 1 billion euros ($1.2 billion).

Adidas has asked for first round bids to be submitted next week and is expecting China's Anta Sports and Li Ning to hand in offers, with Korea's Fila and U.S.-based Wolverine also seen as possible bidders, the sources, who are all familiar with the situation, said.

Financial investors including TPG, Sycamore, Cerberus and Apollo are also likely to join the fray, lured by the turnaround potential of Reebok which is expected to make a loss in 2021 and post only "slightly positive" core earnings next year, they added.

Adidas declined to comment. The prospective bidders also declined to comment or were not immediately available for comment.

For Chinese buyers the appeal could be dented by consumer boycotts of Western fashion brands in the country over comments they did not use cotton sourced from Xinjiang.

Some researchers and foreign lawmakers say the Xinjiang authorities use coercive labour programmes to meet seasonal cotton picking needs, which China strongly denies.

Among others, the Shanghai Half Marathon in April scrapped plans to provide runners with Adidas-branded T-shirts.

Germany's Hugo Boss said on Wednesday it expects sales in mainland China to keep growing fast despite the boycott calls, while Puma said last week that it expects a hit to its sales.

Adidas is marketing Reebok off 2025 earnings before interest, tax, depreciation and amortization (EBITDA) of more than 200 million euros with expected annual revenue growth of 10%, the sources said.

Analysts have said Reebok's recent collaborations with celebrities like Cardi B and a refreshed focus on women's apparel have put the brand in a better place.

(Additional reporting by Julie Zhu and Alexander Hübner; Editing by Kirsten Donovan)

By Arno Schuetze, Kane Wu and Pamela Barbaglia


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADIDAS AG 1.24% 294.9 Delayed Quote.-1.01%
ANTA SPORTS PRODUCTS LIMITED 2.99% 158.4 End-of-day quote.28.89%
FILA HOLDINGS CORPORATION -2.16% 54300 End-of-day quote.24.26%
HUGO BOSS AG -0.87% 46.97 Delayed Quote.72.11%
LI NING COMPANY LIMITED 1.86% 74.05 End-of-day quote.38.93%
NIKE, INC. 0.73% 131.94 Delayed Quote.-6.74%
PUMA SE 1.68% 93.28 Delayed Quote.1.08%
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Financials
Sales 2021 3 518 B 3,15 B 3,15 B
Net income 2021 268 B 0,24 B 0,24 B
Net Debt 2021 321 B 0,29 B 0,29 B
P/E ratio 2021 12,6x
Yield 2021 0,43%
Capitalization 3 263 B 2 921 M 2 924 M
EV / Sales 2021 1,02x
EV / Sales 2022 0,94x
Nbr of Employees -
Free-Float 77,3%
Chart FILA HOLDINGS CORPORATION
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FILA Holdings Corporation Technical Analysis Chart | MarketScreener
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Technical analysis trends FILA HOLDINGS CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 15
Average target price 63 866,67 KRW
Last Close Price 54 300,00 KRW
Spread / Highest target 40,0%
Spread / Average Target 17,6%
Spread / Lowest Target -9,76%
EPS Revisions
Managers and Directors
NameTitle
Geun-Chang Yoon Chief Executive Officer & Director
Yoon-Soo Yoon Chairman
Chang-Ho Kwon Head-Compliance Support
Young-Jae Cho Independent Director
Joon-Ho Kang Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
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