ADIDAS TO SELL LE COQ SPORTIFF BUSINESS TO ANDREW GROSS
ADIDAS TO SELL LE COQ SPORTIFF BUSINESS TO ANDREW GROSS PURCHASE, N.Y., Dec. 6 /PRNewswire/ -- Adidas AG, the worldwide
sporting goods brand based in Herzogenaurach, Germany announced today that it has agreed in principle to sell its Le Coq Sportif business in the United States and Canada to Andrew Gross, a private businessman from Purchase, N.Y.
Le Coq Sportif is an upscale brand of active apparel, athletic shoes and accessories based in Cranberry, N.J. The sale is hoped to be completed by Dec. 31, 1991. The proposed transaction will not include the sale by adidas of its rights in the Le Coq Sportif trademark elsewhere in the world. In December of 1990, adidas sold the trademark rights in Asia to the Descente group of Japan. Rene Jaggi, president of adidas AG, emphasized that in Gross "a partner was found who will not only concentrate on the continuing development of Le Coq Sportif in North America but will also actively contribute to further building the international image of Le Coq Sportif." Gross added that he "recognizes Le Coq Sportif as a brand of extraordinary upscale appeal and transferability within all phases of the active lifestyle business and I look forward to participating in the next chapter of the company's growth." Gross has been the CEO of Head Sportswear from 1984-89 and until October was a senior vice president of The Leslie Fay Companies, a diversified apparel concern in New York. -0- 12/6/91 /CONTACT: William D. Freedman, 212-704-6193, or Timothy I. Kahler, 212-704-6169, for Andrew Gross/ CO: Andrew Gross; adidas AG ST: New York IN: TEX SU: TNM SM-KW -- NY068 -- 0272 12/06/91 17:24 EST
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|Date:||Dec 6, 1991|
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