Adidas has confirmed plans to offload Reebok as part of its five-year strategy to focus on strengthening its core brand.

Adidas, which acquired Reebok for €3.1bn (£2.7bn) in 2006, is set to sell the brand after 15 years of ownership.

The Reebok brand, which was founded in Lancashire in 1958 and is now based in Bolton, is expected to sell for less than €2bn (£1.7bn) as its sales have struggled over the past year despite the boom in leisurewear and sports clothing during the pandemic.

In November, Reebok recorded a 20% fall in sales the nine months to September 30, ahead of the sales declines registered across the group’s core brand.

Interested parties to acquire Reebok are thought to include Forever 21 owner Authentic Brands (which was previously in the running to buy Topshop), Timberland owner VF Corporation, Chinese sportswear firm Anta Sports, Nine West and Juicy Couture.

Adidas, which has been rumoured to be planning to sell off Reebok since late last year, said it had completed an assessment of “strategic alternatives” for the brand as part of its five-year strategy, which hinges on increasing the performance of its core Adidas business.

Adidas chief executive Kasper Rørsted said: “The long-term growth opportunities in our industry are highly attractive, particularly for iconic sports brands.

“After careful consideration, we have come to the conclusion that Reebok and Adidas will be able to significantly better realise their growth potential independently of each other. We will work diligently in the coming months to ensure a successful future for the Reebok brand and the team behind it.”