Top Adidas shareholder cuts stake to 3.51%
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FILE PHOTO: The logo of Adidas is seen on a Gazelle sneaker for sale at a shop in Berlin, Germany, May 2, 2024. REUTERS/Lisi Niesner/File Photo
LONDON (Reuters) -Top Adidas shareholder Groupe Bruxelles Lambert has cut its stake in the German sportswear company to 3.51%, Adidas announced in filings on Tuesday.
GBL, the investment holding company for the billionaire Frère and Desmarais families, had announced on July 31 it had cut its stake to 5.1% from 7.6%.
Adidas shares had a strong run last year and are up 16% since the start of 2024.
"We sold some shares but reiterate our support to the company, its management and its strategy," a GBL spokesperson said in an emailed response to Reuters questions on Tuesday.
(Reporting by Helen Reid and Alexander Huebner; editing by Jason Neely)
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