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Adidas sells U.S. apparel firm Mitchell & Ness

Reuters
An Adidas logo is pictured at a shirt before the company annual general meeting in the northern Bavarian town of Fuerth near Nuremberg, Germany, May 12, 2016. REUTERS/Michaela Rehle (Reuters)

FRANKFURT (Reuters) - Adidas said it had agreed to sell U.S. sportswear seller Mitchell & Ness, resulting in a one-time gain in a the low to medium double-digit million euro range. The German group said in a statement on Friday it would re-invest the proceeds of the sale into its "Creating the New" strategy. "Nostalgia headwear and apparel is not core to this strategy and the sale of Mitchell & Ness will allow us to reduce complexity and pursue our target consumer more aggressively with our core brands," Adidas said in a statement on Friday. The buyer is a newly formed entity primarily owned by U.S. private equity firm Juggernaut Capital Partners. (Reporting by Maria Sheahan; Editing by Caroline Copley)