Adidas' Largest Shareholder Reduces Stake to 3.51%

Adidas AG (OTC:ADDYY) announced that its largest shareholder, Groupe Bruxelles Lambert (GBL), has reduced its stake in the company to 3.51%. This announcement was included in the official filings released by the German sportswear giant on Tuesday.

GBL, an investment vehicle for the wealthy Frère and Desmarais families, had previously reported on July 31 that it had lowered its position in Adidas from 7.6% to 5.1%. This latest decrease is part of GBL's continued exit strategy from Adidas.

Despite the share sale, Adidas stocks have shown a positive trend, gaining 16% since the beginning of 2024. The company had a strong performance last year, which has carried over into this year.

In response to questions regarding the reduction of their holdings, a GBL spokesperson stated via email on Tuesday, "We sold some shares; however, we reiterate our support for the company, its management, and its strategy." This statement emphasizes that despite reducing its financial stake, GBL remains confident in Adidas's leadership and business direction.