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adidas-Salomon Acquires Valley Apparel

June 17, 2004

Portland, Ore./Herzogenaurach, June 17, 2004 - adidas-Salomon AG announced today that it has acquired Valley Apparel Company of Cedar Rapids, Iowa, a producer and distributor of collegiate and professional league apparel and accessories.

Valley specializes in serving small- to mid-size retailers, such as sporting goods stores, department stores, fan shops and college bookstores, and is recognized for its ability to produce and deliver large quantities of apparel and branded accessories within hours of a team's victory. Valley licenses apparel for over 140 colleges and universities, as well as over 100 legendary professional athletes, including such stars as Magic Johnson, Joe Montana and Joe Namath. The company, to be renamed adidas Team in 2005, will also continue to manage adidas' licensed products such as Major League Baseball and Major League Soccer.

"Although this represents only a minor investment for the Group, we are confident that this acquisition is another important step to better control the adidas brand in the all-important North American market," said Erich Stamminger, President and CEO of adidas America.

Valley became an adidas licensee in 1999. Initially Valley produced and distributed t-shirts, fleece, team replica and authentic jerseys. The relationship continued to grow to include all adult products, as well as licensed headwear, licensed accessories, children's licensed styles, and certain distribution rights for adidas branded apparel to college bookstores.