Connect with us

Hi, what are you looking for?

DOGE0.070.84%SOL19.370.72%USDC1.000.01%BNB287.900.44%AVAX15.990.06%XLM0.080.37%
USDT1.000%XRP0.392.6%BCH121.000.75%DOT5.710.16%ADA0.320.37%LTC85.290.38%
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Business

Business

Adidas Passes on Rockport to New Balance

Image: Via Flickr/Mike Mozart Image: Via Flickr/Mike Mozart
Image: Via Flickr/Mike Mozart Image: Via Flickr/Mike Mozart

Adidas no longer holds the ownership of its Rockport business. As of Monday, Adidas has officially handed over their company to both Berkshire Partners LLC and New Balance Holding, Inc..

Both companies who bought Rockport are in affiliation with the New Balance brand. Berkshire is a Boston-based investment firm and New Balance, Inc. is head of New Balance investments. Another corporation who joined in part with the transaction is Drydock Footwear LLC, home to Cobb Hill, Aravon and Dunham brands and is also affiliated with the New Balance corporation. These jointments will be forming The Rockport Group.

Adidas has not yet announced what they officially sold their footwear based company for, but back in January when they announced they would be selling Rockport to Berkshire Partners and New Balance, the price was set at $280 million.

A CEO for The Rockport Group has already been named; Bob Infantino, who has worked at Drydock since 2011, will take on the role as CEO.

Rockport will still remain in its home stomping grounds in Canton, MA, but with The Rockport Group, it will now be considered a stand-alone company. The group is responsible for four global brands, Rockport, Cobb Hill, Aravon and Dunham. One will be able to purchase comfortable and casual clothing and footwear at the four retailers.

Image: Via Flickr/Mike Mozart


Comment Template

You May Also Like

Business

Adidas’ Bright Future: Moving On from Kanye West Agreement Adidas has emerged from its challenging partnership with rapper Kanye West and is optimistic about...

Business

Russian distributor to launch sales of Adidas and Reebok goods—Kommersant. According to a story published in the Kommersant newspaper on Wednesday, a Russian distributor...

Business

Adidas (ADSGn.DE) announced a decrease in inventory levels on Wednesday. Still, it also expressed optimism, stating that retailers are “visibly” more interested in its...

Business

Adidas (ADSGn.DE) shares rose 4% at the market start on Wednesday due to the sportswear company raising its annual outlook in a surprise third-quarter...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok