adidas Group and Vulcabras SA have formed a joint venture company to conduct the distribution of Reebok footwear, apparel and accessories in Argentina. The joint venture company commences operations on 2 June 2008, with the financial results of the joint venture to fully consolidated within the adidas Group as of 1 June 2008. The joint venture agreement expires at the end of 2015.
VDA Calzados y Articulos Deportivos SA, a subsidiary of Vulcabras SA, 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.
