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16Feb By reutersNo Comments

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Adidas plans to sell Reebok Brand

BERLIN, Feb 16, 2021 (Reuters) - German sportswear maker Adidas plans to sell or spin-off its underperforming Reebok brand, 15 years after it bought the U.S. fitness label to help compete with arch-rival Nike Inc. Adidas said on Tuesday it had decided to begin a formal process aimed at divesting Reebok as part of a five-year strategy it plans to present on March 10, when the company will also publish 2020 results. It will report Reebok as a discontinued operation from the first quarter of 2021. A banking source said the business could be worth around 1 billion euros ($1.2 billion). "Reebok and Adidas will be able to significantly better realize their growth potential independently of each other," Chief Executive Kasper Rorsted said in a statement . The company bought Boston-ba...

Boltt, a Delhi NCR Based Startup Developed AI-enabled Smart Shoes

Boltt, a Delhi NCR-based startup has developed a range of fitness wearables, such as smart shoes and bands, integrated with an artificial intelligence (AI) coach which can provide you a personalised dynamic feedback, based on your real-time performance and training. While a variety of fitness trackers and apps are available, most generate data that users are not able to appropriately interpret. "Consumers usually are not experts in nutrition, fitness activity, sports and wellness and hence deciphering the data most wearables track becomes a challenge," a company official told Pixr8. "There are dietitians and fitness coach subscriptions available with a lot of fitness devices, but that is human as well as time-bound and means additional investment from the consumer," it said. T...

World’s No. 1 Footwear Maker Nike Reported Better Quarterly Revenue

Nike Inc, the world's No. 1 footwear maker, reported better-than-expected quarterly revenue, helped by higher demand from Western Europe, Greater China and emerging markets. The company's shares were up 4 percent at USD53.89 in after-market trading on Tuesday. Nike's net income rose to USD842 million, or 50 cents per share, in the second quarter ended Nov. 30, from USD785 million, or 45 cents per share, a year earlier. Revenue climbed to USD8.18 billion from USD7.69 billion. Analysts on average had expected revenue of USD8.09 billion, according to Thomson Reuters.