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adidas-Salomon takes over former joint venture in Italy

January 22, 2002

Herzogenaurach/Monza - With immediate effect, adidas-Salomon has assumed full ownership of its subsidiary in Italy. Following the acquisition of the remaining shares held by the Colombos, an Italian family of entrepreneurs, adidas-Salomon now holds 100% of adidas Italy.

adidas-Salomon is convinced that this step will further strengthen control over the brand and allow more focused sales and marketing activities in the Italian market. This underscores adidas-Salomon’s strategy to support the brand with a wholly-owned subsidiary in key markets. With the assumption of full control of adidas Italy, adidas is now represented with a wholly-owned subsidiary in all major European markets. adidas Italy will remain based in Monza.

“This step will help us to further strengthen our control over the brand globally and further supports our position as Europe’s leading sporting goods company,” said Herbert Hainer, CEO of adidas-Salomon AG. “With the enthusiasm for sports and fashion awareness of the country’s people, the Italian market continues to offer adidas excellent growth potential, particularly in view of our new brand strategy.“

The contracting partners have agreed to maintain confidentiality with respect to the purchase price paid.