Advertisement

Adidas and Reebok: Is Acquiring Easier than Integrating?

  • Stefan SchmidEmail author
  • Tobias Dauth
  • Thomas Kotulla
  • Philipp Leding
Chapter
Part of the MIR Series in International Business book series (MIRSIB)

Abstract

At the beginning of 2006, one of the biggest takeovers in the sporting goods industry took place: the leading German sporting goods company Adidas acquired its U.S. competitor Reebok. Building on an analysis of the sporting goods industry and the characteristics of Adidas and Reebok, the present case study explores the complexities of the cross-border acquisition. It outlines not only the motives and risks associated with the acquisition but also some major consequences for Adidas’ and Reebok’s strategy, structure and culture. In particular, the case study examines the brand positioning of Adidas and Reebok before and after the acquisition as well as the related challenges. Furthermore, it analyses the integration of Reebok into the Adidas Group between 2007 and 2017, especially in the context of increasing levels of competition, such as competition by industry rivals Nike and Under Armour.

References

  1. Adidas. (2006). Annual report 2005. Herzogenaurach.Google Scholar
  2. Adidas. (2007a). Porsche design sport. Website of Adidas. Accessed July 30, 2007, from http://www.adidas.com/campaigns/porschedesign/fw07/de/index.asp
  3. Adidas. (2007b). “Auf einen Blick”. Die Geschichte der Adidas Gruppe. Website of Adidas. Accessed August 30, 2007, from http://www.adidas-group.com/de/overview/history/History-d.pdf
  4. Adidas. (2007c). Annual report 2006. Herzogenaurach.Google Scholar
  5. Adidas. (2007d). Unsere Werte. Website of Adidas. Accessed September 10, 2007, from http://www.adidas-group.com/de/overview/values/default.asp
  6. Adidas. (2010). Global brands route 2015. Herzogenaurach.Google Scholar
  7. Adidas. (2011). Annual report 2010. Herzogenaurach.Google Scholar
  8. Adidas. (2012). Annual report 2011. Herzogenaurach.Google Scholar
  9. Adidas. (2013). Annual report 2012. Herzogenaurach.Google Scholar
  10. Adidas. (2014). Adidas group appoints Mark King as President of Adidas Group North America, Ben Sharpe as CEO of TaylorMade-adidas Golf. Website of Adidas. Accessed June 16, 2017, from https://www.adidas-group.com/de/medien/newsarchiv/pressemitteilungen/2014/adidas-gruppe-ernennt-mark-king-zum-president-adidas-group-north/
  11. Adidas. (2015a). Adidas group to accelerate growth until 2020. Website of Adidas. Accessed June 16, 2017, from https://www.adidas-group.com/en/media/news-archive/press-releases/2015/adidas-group-accelerate-growth-until-2020/
  12. Adidas. (2015b). Adidas Gruppe erwirbt Runtastic. Website of Adidas. Accessed June 16, 2017, from https://www.adidas-group.com/de/medien/newsarchiv/pressemitteilungen/2015/adidas-gruppe-erwirbt-runtastic/
  13. Adidas. (2017). Annual report 2016. Herzogenaurach.Google Scholar
  14. Adidas-Salomon. (2003). Annual report 2002. Herzogenaurach.Google Scholar
  15. Adidas-Salomon. (2005). Annual report 2004. Herzogenaurach.Google Scholar
  16. Anonymous. (1997, September 17). Adidas will mit Salomon zweitgrößter Sportartikelkonzern werden. Frankfurter Allgemeine Zeitung, p. 24.Google Scholar
  17. Anonymous. (2005a, August 4). Die mühsame Aufholjagd des früheren Weltmarktführers. Frankfurter Allgemeine Zeitung, p. 15.Google Scholar
  18. Anonymous. (2005b, August 4). Die schnelle Antilope. Frankfurter Allgemeine Zeitung, p. 15.Google Scholar
  19. Anonymous. (2005c). Reebok ist durch Aerobic groß geworden. Website of Welt Online. Accessed August 30, 2007, from http://www.welt.de/print-welt/article686753/Reebok_ist_durch_Aerobic_gross_geworden.html
  20. Anonymous. (2005d). Adidas erhöht das Kapital. Website of Manager Magazin. Accessed September 3, 2007, from http://www.manager-magazin.de/geld/artikel/0,2828,383158,00.html
  21. Anonymous. (2005e, August 4). Adidas startet mit Reebok-Kauf Aufholjagd in den USA. Handelsblatt, p. 1.Google Scholar
  22. Anonymous. (2005f, August 6). Just doing it. Economist, p. 48.Google Scholar
  23. Anonymous. (2005g, August 5). Adidas macht sich selbst Konkurrenz. Handelsblatt, p. 14.Google Scholar
  24. Anonymous. (2005h, August 8). Adidas: If the shoe fits.... Business Week, w/o p.Google Scholar
  25. Anonymous. (2005i, May 3). Aus Adidas-Salomon wird wieder Adidas. Frankfurter Allgemeine Zeitung, p. 14.Google Scholar
  26. Anonymous. (2005j, May 3). Ende eines teuren Skiausflugs. Adidas löst sich von Salomon. Handelsblatt, p. 1.Google Scholar
  27. Anonymous. (2006a, March 3). Reebok wird für Adidas zum Krisenherd. Frankfurter Allgemeine Zeitung, p. 14.Google Scholar
  28. Anonymous. (2006b). Adidas hat sich Reebok einverleibt. Website of Handelsblatt. Accessed September 3, 2007, from http://www.handelsblatt.com/news/Default.aspx?_p=200038&_t=ft&_b=1024085
  29. Anonymous. (2006c). An open goal for Adidas? Business Europe, 46(9), p. 5.Google Scholar
  30. Anonymous. (2006d). Blasser Retter. Website of Handelsblatt. Accessed September 10, 2007, from http://www.handelsblatt.com/news/Default.aspx?_p=200811&_t=ft&_b=1063265
  31. Anonymous. (2006e, January 24). EU clears Adidas’ Euro 3.1 billion sportswear takeover of Reebok. Associated Press, w/o p.Google Scholar
  32. Anonymous. (2006f). Adidas rüstet NBA aus. Website of Der Spiegel. Accessed October 5, 2007, from http://www.spiegel.de/wirtschaft/0,1518,410982,00.html
  33. Anonymous. (2006g). Sportkonzerne stärken Markenmacht. Website of Wirtschaftswoche. Accessed October 5, 2007, from http://www.wiwo.de/pswiwo/fn/ww2/sfn/buildww/db/wwonline/elemid/1/searchno/0/id/2194/SH/350b0252e27566680cb31ad8e489ab/depot/0/index.html
  34. Anonymous. (2006h, November 10). Reebok zieht Adidas nach unten. Handelsblatt, p. 1.Google Scholar
  35. Anonymous. (2006i, March 3). Adidas‘ Hemmschuh heißt Reebok. Handelsblatt, p. 14.Google Scholar
  36. Anonymous. (2007a, March 8). Adidas verkleinert Reebok. Handelsblatt, p. 12.Google Scholar
  37. Anonymous. (2007b, June 30). Reebok als Wellness-Marke. Frankfurter Allgemeine Zeitung, p. 18.Google Scholar
  38. Anonymous. (2009a, May 6). Adidas halbiert 2009 sein Ergebnis. Frankfurter Allgemeine Zeitung, p. 15.Google Scholar
  39. Anonymous. (2009b). Tone easy with Reebok EasyTone. Website of Business Wire India. Accessed June 12, 2017, from http://businesswireindia.com/news/news-details/tone-easy-with-reebok-easytone/20379
  40. Anonymous. (2012a). 3.2.1...Go!™ Reebok Announces “The Sport of Fitness™ Has Arrived” in new global marketing campaign. Website of Business Wire. Accessed June 12, 2017, from http://www.businesswire.com/news/home/20120113005652/en/3.2.1...Go%21%E2%84%A2-Reebok-Announces-%E2%80%9CThe-Sport-Fitness%E2%84%A2-Arrived%E2%80%9D
  41. Anonymous. (2012b). The sport of fitness has arrived. SGB Weekly (1205), pp. 4–5.Google Scholar
  42. Anonymous. (2012c, September 17). Adidas baut die Führung von Reebok um. Frankfurter Allgemeine Zeitung, p. 16.Google Scholar
  43. Anonymous. (2014a). Reebok unveils new ‘delta’ logo as the sportswear company moves from professional athletes to fitness buffs. Website of Daily Mail. Accessed March 1, 2014, from http://www.dailymail.co.uk/news/article-2570933/Reebok-unveils-new-delta-logo-sportswear-company-moves-professional-athletes-fitness-buffs.html
  44. Anonymous. (2014b, October 21). Adidas-Aktie macht Reebok-Sprünge. Frankfurter Allgemeine Zeitung, p. 25.Google Scholar
  45. Anonymous. (2014c). Adidas looks to boost US growth amid poor sales. Website of Business of Fashion. Accessed June 16, 2017, from https://www.businessoffashion.com/articles/news-analysis/adidass-hainer-strives-u-s-fix-amid-share-slump-retail
  46. Anonymous. (2015, August 7). Adidas-Chef Hainer verliert mit Golf die Geduld. Frankfurter Allgemeine Zeitung, p. 22.Google Scholar
  47. Apple. (2007). Tune your run. Website of Apple. Accessed July 30, 2007, from http://www.apple.com/de/ipod/nike
  48. Arnold, D. G., & Hartman, L. P. (2003). Moral imagination and the future of sweatshops. Business and Society Review, 108(4), pp. 425–461.CrossRefGoogle Scholar
  49. Balzer, A., Hirn, W., & Noé, M. (2006). Ungeheure Präsenz. Website of Der Spiegel. Accessed September 3, 2007, from http://service.spiegel.de/digas/find?DID=46726782
  50. Barrand, D. (2006, September 6). Reebok raises its voice. Marketing, p. 24.Google Scholar
  51. Berner, R., & Kiley, D. (2005, August 1). Global brands. Business Week, pp. 86–94.Google Scholar
  52. Brors, P. (2006, November 23). Der Herr der Bälle. Handelsblatt, p. 10.Google Scholar
  53. Carr, B. (2005a). Lifestyle versus performance. Sporting Goods Business, 38(3), p. 14.Google Scholar
  54. Carr, B. (2005b). Adidas and Reebok join forces. Sporting Goods Business, 38(9), p. 19.Google Scholar
  55. Cheng, A. (2010). Adidas tones up Reebok for growth. Website of Market Watch. Accessed June 12, 2017, from http://www.marketwatch.com/story/adidas-tones-up-reebok-for-growth-2010-05-14
  56. Cohen, A. (2006, January 23). EU to OK Adidas-Reebok deal with no sell-offs. Dow Jones Energy Service.Google Scholar
  57. Comstock, J. (2014). The long road that led Nike to put the brakes on FuelBand. Website of Mobi Health News. Accessed June 16, 2017, from http://www.mobihealthnews.com/32320/the-long-road-that-led-nike-to-put-the-brakes-on-fuelband
  58. Devi, B. R., & Ramya, G. (2006). Adidas in the USA: Bouncing back? ICFAI Case Study, No. 506—171—1. ECCH, Bedford.Google Scholar
  59. Dörner, A., & Hofer, J. (2011, November 22). Reebok setzt auf Fitness im Armee-Stil. Handelsblatt, p. 28.Google Scholar
  60. Eberle, M. (2007, February 5). Sportsfeind Nummer eins. Handelsblatt, p. 10.Google Scholar
  61. Eberle, M. (2010a, April 6). Adidas will mit Reebok zurück in den Fitness-Olymp. Handelsblatt, p. 35.Google Scholar
  62. Eberle, M. (2010b, October 7). Reebok beginnt jetzt erst zu blühen. Handelsblatt, pp. 22–23.Google Scholar
  63. Esterl, M., & Kang, S. (2006). Reebok’s fit with Adidas questioned. Website of Washington Post. Accessed June 12, 2017, from http://www.washingtonpost.com/wp-dyn/content/article/2006/04/10/AR2006041001461.html
  64. Fasse, M. (2007, August 9). Reebok lässt Adidas weiter schwitzen. Handelsblatt, p. 15.Google Scholar
  65. Fischermann, T., & Rohwetter, M. (2005, August 11). Spieler, Models, Ghettokids. Die Zeit, p. 23.Google Scholar
  66. Gäbelein, K.-P. (2006). Adidas – Eine Chronologie. Website of Stadt Herzogenaurach. Accessed August 30, 2007, from http://herzogenaurach.de/Wirtschaft/Wirtschafts-geschichte/Adidas.pdf
  67. Germano, S. (2015). Under Armour overtakes Adidas in U.S. sportswear market. Website of The Wall Street Journal. Accessed June 16, 2017, from http://www.wsj.com/articles/under-armour-overtakes-adidas-in-u-s-sportswear-market-1420753934
  68. Giersberg, G. (2006, January 6). Produktpiraten verlieren auch in China ihren Schutz. Frankfurter Allgemeine Zeitung, p. 18.Google Scholar
  69. Goodison, D. (2006, November 14). Adidas: Reebok No Shoe-In. Boston Herald, p. 29.Google Scholar
  70. Guyot, O. (2014). Adidas ernennt Paul Gaudio zum Global Head of Design. Website of Fashion Network. Accessed June 16, 2017, from http://de.fashionnetwork.com/news/Adidas-ernennt-Paul-Gaudio-zum-Global-Head-of-Design,430552.html#.WUPCBYHuKEc
  71. Hage, S. (2013). Achten Sie auf… Matt O’Toole. Manager Magazin, 43(9), p. 40.Google Scholar
  72. Hainer, H. (2005, July 15). Satelliten umkreisen Herzogenaurach. Handelsblatt, p. 10.Google Scholar
  73. Heeg, T., & Meck, G. (2005, August 7). “Wir werden die Größten sein”. Frankfurter Allgemeine Zeitung, p. 31.Google Scholar
  74. Hegmann, G. (2006). Adidas verteilt Management-Aufgaben neu. Website of Financial Times Deutschland. Accessed September 3, 2007, from http://www.ftd.de/koepfe/37838.html
  75. Hinterberger, M., & von Petersdorff, W. (2005, June 19). Korrekt konsumieren. Ohne Kinderarbeit, ohne Chemie und ohne Schuldgefühle. So funktioniert’s. Frankfurter Allgemeine Zeitung, p. 56.Google Scholar
  76. Hirn, W. (2003). Schuhe am laufenden Band. Manager Magazin, 33(10), pp. 108–115.Google Scholar
  77. Hirn, W. (2005). Das Duell. Manager Magazin, 35(3), pp. 38–46.Google Scholar
  78. Hirn, W. (2006). “Bislang keine konsequente Markenführung”. Website of Manager Magazin. Accessed September 3, 2007, from http://www.manager-magazin.de/unternehmen/artikel/0,2828,413013,00.html
  79. Hirn, W. (2007). Hoffen auf die Frauen. Manager Magazin, 37(9), pp. 79–84.Google Scholar
  80. Hofer, J. (2005a, May 18). Adidas profitiert von Salomon-Verkauf. Handelsblatt, p. 38.Google Scholar
  81. Hofer, J. (2005b, August 5). Ein schweres Auswärtsspiel für Adidas. Handelsblatt, p. 27.Google Scholar
  82. Hofer, J. (2006, April 18). Adidas überzeugt die Analysten. Handelsblatt, p. 15.Google Scholar
  83. Hofer, J. (2008, March 6). Adidas feuert Reebok-Chef. Handelsblatt, p. 13.Google Scholar
  84. Hofer, J. (2009, August 6). Adidas steht zu Sorgenkind Reebok. Handelsblatt, p. 16.Google Scholar
  85. Hofer, J. (2010, January 5). Reebok verspricht solide Gewinne. Handelsblatt, pp. 20–21.Google Scholar
  86. Hofer, J. (2011, August 5). Der Reebok-Sanierer empfiehlt sich für den Vorstand. Handelsblatt, p. 63.Google Scholar
  87. Hofer, J. (2012, September 24). Sorgenkind Reebok. Handelsblatt, p. 26.Google Scholar
  88. Hofer, J. (2013, March 8). Wenn nur Reebok nicht wäre. Handelsblatt, p. 24.Google Scholar
  89. Hofer, J. (2014a, October 21). Ärger mit der Tochter. Handelsblatt, pp. 18–19.Google Scholar
  90. Hofer, J. (2014b, August 8). Investoren verlieren den Glauben an Adidas. Handelsblatt, p. 15.Google Scholar
  91. Hofer, J. (2014c, May 7). Die eigenen Vorgaben nicht erfüllt. Handelsblatt, pp. 28–29.Google Scholar
  92. Hofer, J. (2015, May 6). Sportmarke im Abseits. Handelsblatt, pp. 24–27.Google Scholar
  93. Hofer, J. (2016a, May 10). Teure Aufholjagd. Handelsblatt, pp. 20–23.Google Scholar
  94. Hofer, J. (2016b, June 14). Der neue Liebling der Sporthändler. Handelsblatt, p. 24.Google Scholar
  95. Hofer, J., & Metzger, S. (2012, May 9). Das Problem von Adidas heißt Reebok. Handelsblatt, pp. 26–27.Google Scholar
  96. Hofer, J., & Tuma, T. (2016, December 15). Rorsted startet durch. Handelsblatt, pp. 4–5.Google Scholar
  97. Jahn, T. (2010). So wird ein Schuh draus. Capital, 49(12), pp. 86–90.Google Scholar
  98. Jervell, E. E. (2015a). Adidas investors losing patience, want faster turnaround. Website of The Wall Street Journal. Accessed June 16, 2017, from http://www.wsj.com/articles/adidas-investors-losing-patience-with-management-want-faster-turnaround-1423159490
  99. Jervell, E. E. (2015b). Adidas bets on big cities to boost earnings growth. Website of The Wall Street Journal. Accessed June 16, 2017, from https://www.wsj.com/articles/adidas-targets-turnaround-with-new-strategy-1427358107
  100. Jervell, E. E. (2015c). Adidas targets turnaround with new strategy. Website of Market Watch. Accessed June 16, 2017, from http://marketwatch.com/story/adidas-targets-turnaround-with-new-strategy-2015-03-26-44852235
  101. Jervell, E. E. (2016). Adidas is counting on incoming CEO to captain a comeback. Website of The Wall Street Journal. Accessed June 16, 2017, from http://www.wsj.com/articles/adidas-is-counting-on-incoming-ceo-to-captain-a-comeback-1456992674
  102. Jones, R. (2015). adidas is opening a design studio in Brooklyn. Website of Complex. Accessed June 16, 2017, from http://www.complex.com/sneakers/2015/06/adidas-brooklyn-design-studio
  103. Kang, S. (2004, May 6). Adidas running shoe to outpace rivals – in price. Wall Street Journal, p. D5.Google Scholar
  104. Khan, A. (2006). The Adidas-Reebok acquisition. ICFAI Case Study, No. 306—127—1. ECCH, Bedford.Google Scholar
  105. Kletter, M., & Conti, S. (2006). Adidas maps strategy for Reebok. Women’s Wear Daily, 191(77), p. 9.Google Scholar
  106. Kletter, M., & Poggi, J. (2004). Urge to merge. Women’s Wear Daily, 189(1), p. 9.Google Scholar
  107. Köhn, R. (2010, December 28). Das alte Selbstbewusstsein zurück gewonnen. Frankfurter Allgemeine Zeitung, p. 14.Google Scholar
  108. Kramer, J. (2007). Verzockt. Der Spiegel, 61(36), p. 147.Google Scholar
  109. Lamkin, P. (2015). Adidas acquires popular fitness platform Runtastic. Website of Forbes. Accessed June 16, 2017, from https://www.forbes.com/sites/paullamkin/2015/08/05/adidas-acquires-popular-fitness-platform-runtastic/
  110. Le Goff. (2000, January 7). Saga Reebok. Stratégies, p. 40.Google Scholar
  111. Lefton, T. (2009). What’s next for Reebok? ‘Fun and fit’. Website of Sports Business Journal. Accessed June 12, 2017, from http://www.sportsbusinessdaily.com/Journal/Issues/2009/04/20090413/This-Weeks-News/Whats-Next-For-Reebok-Fun-And-Fit.aspx
  112. Lindner, R., & Theurer, M. (2006, January 25). Langweiler im Schuhregal. Frankfurter Allgemeine Zeitung, p. 20.Google Scholar
  113. Mikkilineni, P. (2005). The Adidas-Reebok merger. ICFAI Case Study, No. 305—610—1. ECCH, Bedford.Google Scholar
  114. Milne, R. (2006a, April 20). Adidas hopes to set pace for Reebok. Financial Times, p. 18.Google Scholar
  115. Milne, R. (2006b). Adidas faces challenges over Reebok. Website of Financial Times. Accessed June 12, 2017, from http://www.ft.com/cms/s/0/e2dfffb2-aa59-11da-96ea-0000779e2340.html?ft_site=falcon&desktop=true#axzz4jmStn0LY
  116. Moody, R. J. (2005). Adidas’ $3.8B acquisition of Reebok surprises analysts. Website of Portland Business Journal. Accessed June 12, 2017, from http://www.bizjournals.com/portland/stories/2005/08/08/story8.html
  117. Nike. (2007). Triff die Süchtigen. Website of Nike. Accessed July 30, 2007, from http://nikeplus.nike.com/nikeplus/?sitesrc=uslanding
  118. Nike. (2016). 2016 Annual Report, Beaverton.Google Scholar
  119. Nike. (2017). Quarterly earnings reports fiscal 2017, Beaverton.Google Scholar
  120. Norton, K., & Holmes, S. (2007, March 8). Adidas: Stumbling over Reebok? Business Week, p. 18.Google Scholar
  121. Ozanian, M. K., & Schwartz, P. J. (2007). The world’s top sports brands. Website of Forbes. Accessed October 5, 2007, from http://www.forbes.com/2007/09/26/sports-brands-teams-biz-sports_cz_mo_0927sportsbrands.html
  122. Pathak, S. (2015). How under Armour is linking fitness data with customer loyalty. Website of DigiDay UK. Accessed June 16, 2017, from https://digiday.com/marketing/armour-linking-fitness-data-customer-loyalty/
  123. Peterson, H. (2015a). 4 mistakes that led to Adidas’ downfall. Website of Business Insider. Accessed June 16, 2017, from http://www.businessinsider.com/heres-where-adidas-went-wrong-2015-3
  124. Peterson, H. (2015b). Adidas is making 5 drastic changes to win back customers. Website of Business Insider. Accessed June 16, 2017, from http://www.businessinsider.com/adidas-high-stakes-turnaround-plan-2015-3?IR=T
  125. Polo Ralph Lauren. (2006). Annual report 2005, New York.Google Scholar
  126. Prasad, S. (2005). Adidas-Reebok merger. ICFAI Case Study, No. 305—568—1. ECCH, Bedford.Google Scholar
  127. Puma. (2007). Annual report 2006. Herzogenaurach.Google Scholar
  128. Ram, V. (2008). Uli Becker to Reboot Reebok. Website of Forbes. Accessed June 12, 2017, from https://www.forbes.com/2008/03/05/becker-reebok-adidas-face-cx_vr_0305autofacescan01.html
  129. Reebok. (2005). Annual report 2004, Canton.Google Scholar
  130. Reebok. (2006a). Quartely report for the quarterly period ended March 31, 2005. Canton.Google Scholar
  131. Reebok. (2006b). Quartely report for the quarterly period ended June 30, 2005, Canton.Google Scholar
  132. Reebok. (2006c). Quartely report for the quarterly period ended September 30, 2005, Canton.Google Scholar
  133. Reebok. (2007a). A Gazelle named Reebok. Website of Reebok. Accessed August 30, 2007, from http://www.reebok.com/useng/history/1950.htm
  134. Reebok. (2007b). Freestyle aerobics and step Reebok. Website of Reebok. Accessed August 30, 2007, from http://www.reebok.com/useng/history/1980.htm
  135. Reebok. (2014). Reebok signals change with launch of new brand mark. Website of Reebok. Accessed June 12, 2017, from http://news.reebok.com/global/latest-news/reebok-signals-change-with-launch-of-new-brand-mark/s/ff399034-0aac-4263-99ed-6104ef4eda20
  136. Ritzer, U. (2009, March 5). Investieren gegen die Krise. Süddeutsche Zeitung, p. 20.Google Scholar
  137. Runtastic. (2017). Facts about Runtastic. Website of Runtastic. Accessed June 16, 2017, from https://www.runtastic.com/en/career/facts-about-runtastic
  138. Ryan, T. J. (2003). From a whisper to a scream. Sporting Goods Business, 36(7), pp. 34–35.Google Scholar
  139. Rygl, D., Dennerlein, T., & Joyette, T. (2006). Success of international M&As: The case of Adidas’ acquisition of Reebok (Working Paper No. 4/2006). Friedrich-Alexander-Universität Erlangen-Nürnberg.Google Scholar
  140. S&P Capital IQ. (2017a). Sales volume and net income between 2010–2016 of Adidas, Nike, Puma, Reebok and Under Armour as obtained from S&P Capital IQ database. Accessed June 19, 2017, from the Website of Standard & Poor’s Capital IQ.Google Scholar
  141. S&P Capital IQ. (2017b). Historical share price of Adidas, Nike and Under Armour as obtained from S&P Capital IQ database. Accessed June 19, 2017, from the Website of Standard & Poor’s Capital IQ.Google Scholar
  142. S&P Capital IQ. (2017c). Historical enterprise values of Adidas, Nike and Under Armour as obtained from S&P Capital IQ database. Accessed June 19, 2017, from the Website of Standard & Poor’s Capital IQ.Google Scholar
  143. Schäfer, D. (2009). Reebok restructures under Adidas. Website of Financial Times. Accessed June 12, 2017, from https://www.ft.com/content/f5d47b42-59b6-11de-b687-00144feabdc0
  144. Schmid, S., Dauth, T., & Kotulla, T. (2011). The acquisition of Reebok by Adidas. In J. Zentes, B. Swoboda, & D. Morschett (Eds.), Fallstudien zum Internationalen Management. Grundlagen—Praxiserfahrungen—Perspektiven (4th ed., pp. 713–731). Wiesbaden: Gabler.CrossRefGoogle Scholar
  145. Schmid, S., & Kretschmer, K. (2007). Adidas. Drei Streifen “made in Asia”. In S. Schmid (Ed.), Strategien der Internationalisierung. Fallstudien und Fallbeispiele (2nd ed., pp. 53–67). München: Oldenbourg.Google Scholar
  146. Schneider, M. C., & Reischauer, C. (2006). Jeder tritt jeden. Capital, 45(11), pp. 54–58.Google Scholar
  147. Sporting Goods Intelligence. (2004). The largest sporting goods retailers in the Galaxy. Website of Sporting Goods Intelligence. Accessed July 30, 2007, from http://www.sginews.com/sginews/gifs/SGI_retlarge_2003.pdf
  148. Sporting Goods Intelligence. (2006a). International branded equipment market. Website of Sporting Goods Intelligence. Accessed August 30, 2007, from http://www.sginewswire.com/sginewswire/getfile.asp?file=market%5CSGI_equip_2005.pdf
  149. Sporting Goods Intelligence. (2006b). International sports apparel market. Website of Sporting Goods Intelligence. Accessed August 30, 2007, from http://www.sginewswire.com/sginewswire/getfile.asp?file=market%5CSGI_apparel_2005.pdf
  150. Sporting Goods Intelligence. (2006c). International branded athletic footwear market. Website of Sporting Goods Intelligence. Accessed August 30, 2007, from http://www.sginewswire.com/sginewswire/getfile.asp?file=market%5CSGI_afwint_2005.pdf
  151. Sporting Goods Intelligence. (2007a). International branded athletic footwear market. Website of Sporting Goods Intelligence. Accessed September 3, 2007, from http://www.sginewswire.com/sginewswire/cgi-bin/archive detail.asp?ID=15610
  152. Sporting Goods Intelligence. (2007b). International branded equipment market. Website of Sporting Goods Intelligence. Accessed October 29, 2007, from http://www.sginewswire.com/sginewswire/cgi-bin/archivedetail.asp ?ID=15936
  153. Sporting Goods Intelligence. (2007c). International athletic apparel market. Website of Sporting Goods Intelligence. Accessed October 29, 2007, from http://www.sginewswire.com/sginewswire/cgi-bin/archivedetail.asp?ID=15686
  154. Sporting Goods Manufacturers Association. (2007). Manufacturers sales by category report—2007 edition. Website of Sporting Goods Manufacturers Association. Accessed July 30, 2007, from http://www.sgma.com/associations/5119/files/Mfg_Sales_Category07.pdf
  155. Statista. (2017). Net sales of the Reebok brand worldwide from 2006 to 2016 (in million euros). Website of Statista. Accessed June 12, 2017, from https://www.statista.com/statistics/268422/net-sales-of-the-reebok-brand-worldwide-since-2006/
  156. Steinkirchner, P. (2005). Im Schatten der Riesen. Wirtschaftswoche, 59(33), pp. 50–52.Google Scholar
  157. Steinkirchner, P. (2006). Duell um Platz 1. Wirtschaftswoche, 60(24), pp. 62–75.Google Scholar
  158. Steinkirchner, P. (2012). Weltchef gestrichen. Wirtschaftswoche, 66(38), p. 11.Google Scholar
  159. Steinkirchner, P. (2013). Läden mit Fitnessclub. Wirtschaftswoche, 67(25), p. 12.Google Scholar
  160. Steinkirchner, P. (2016). Alles andere als ein Wunderheiler. Wirtschafswoche, 70(4), pp. 38–41.Google Scholar
  161. Steinkirchner, P., & Henry, A. (2007). Beine machen. Wirtschaftswoche, 61(19), pp. 74–77.Google Scholar
  162. Sweney, M. (2005, February 9). Adidas widens focus with women’s drive. Website of Campaign. Accessed June 12, 2017, from https://www.campaignlive.co.uk/article/adidas-widens-focus-womens-drive/235004
  163. Symonds, W., & Gagnier, M. (2005, August 15). Chasing Nike harder. Business Week, p. 48.Google Scholar
  164. Theurer, M. (2005, August 4). Der Global Player aus Bayern. Frankfurter Allgemeine Zeitung, p. 15.Google Scholar
  165. Theurer, M. (2006, March 9). Uns war klar, dass Reebok nicht die angesagteste Marke ist. Frankfurter Allgemeine Zeitung, p. 16.Google Scholar
  166. Thomaselli, R. (2005, August 8). Deal sets stage for full-scale war with Nike. Advertising Age, p. 5.Google Scholar
  167. Turner, C. (2005, August 11). Adidas jumps for the title. Marketing Week, pp. 22–23.Google Scholar
  168. Vogel, S. (2010). Nike launches Nike+ GPS app for iPhone, Paula Radcliffe provides motivational feedback. Website of FitTechnica. Accessed June 16, 2017, from http://fittechnica.co.uk/2010/09/news-nike-launches-nike-gps-app-for-iphone-paula-radcliffe-provides-motivational-feedback/
  169. Wang, C. (2016). How a health nut created the world’s biggest fitness trend. Website of CNBC. Accessed June 12, 2012, from http://www.cnbc.com/2016/04/05/how-crossfit-rode-a-single-issue-to-world-fitness-domination.html
  170. Williams, C. C. (2010). After a tough stretch, Adidas’ run resumes. Website of Barrons. Accessed June 12, 2017, from http://www.contrastcap.com/files/After%20a%20Tough%20Stretch,%20Adidas%27%20 Run%20Resumes.pdf
  171. Zmuda, N. (2011). Reebok boosts spending behind Easytone, ZigTech. Website of AD Age. Accessed June 12, 2017, from http://adage.com/article/news/reebok-boosts-spending-easytone-zigtech/149293/

Copyright information

© Springer International Publishing AG, part of Springer Nature 2018

Authors and Affiliations

  • Stefan Schmid
    • 1
    Email author
  • Tobias Dauth
    • 2
  • Thomas Kotulla
    • 1
    • 3
  • Philipp Leding
    • 1
  1. 1.ESCP Europe BerlinBerlinGermany
  2. 2.HHL Leipzig Graduate School of Management, Fraunhofer Center for International Management and Knowledge EconomyLeipzigGermany
  3. 3.University of Applied Sciences EuropeBerlinGermany

Personalised recommendations