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Reebok and Vulcabras Form Joint Venture in Argentina

Canton, Massachusetts, June 2, 2008 – The adidas Group and Vulcabras S.A. today announced that they have agreed to form a joint venture company to conduct the distribution of Reebok footwear, apparel and accessories in Argentina. This transaction, however, does not affect sales and profitability expectations for the Reebok segment in 2008. 

The joint venture company will commence operations on June 2, 2008. Consequently, financial results of the joint venture will be fully consolidated within the adidas Group as of June 1, 2008. The joint venture agreement expires at the end of 2015. 

VDA Calzados y Articulos Deportivos S.A, a subsidiary of Vulcabras S.A., has been the exclusive and independent distributor as well as a licensee of Reebok footwear and apparel products in Argentina since 2004. As part of the agreement, Vulcabras will continue to supply Reebok products to the joint venture company. 

The transaction is subject to regulatory review in Argentina. Financial details of the transaction will be kept confidential.