In the latest move to buy out its partners in key global markets, the Adidas Group has assumed full ownership of Adidas Korea Ltd., its brand subsidiary in Korea.
The German-based athletic company has purchased the remaining 49 percent of shares from its joint venture partner, Hyun-Woo Kim, “who had been our partner for nearly 10 years and helped us to substantially improve our position in the Korean market,” said an Adidas spokeswoman.
Adidas would not disclose the price. The ownership switch went into effect Sept. 1. The deal comes as part of Adidas’ strategy to support its brands with wholly owned subsidiaries in key markets. Since a 2002 buyout of its Italian partner, Adidas’ business in Italy has more than doubled, and a 1999 buyout of its Japanese partner let Adidas take over market leadership in the world’s second-largest sporting goods market, according to Adidas, which ranks Japan as its most significant such deal.