Pentland plans sales push for Adidas
The plans were announced as Pentland reported taxable profits of pounds 19.7m for the half-year to 30 June, a 228 per cent surge. Earnings rose 160 per cent to 3.69p and the interim dividend is up 11 per cent to 1.04p.
The results reflect a leap in interest income from pounds 500,000 to pounds 14m thanks to a pounds 270m cash pile built up by the sale of the group's 13 per cent stake in Reebok, the sports shoe company, for pounds 400m in January 1991.
In 1981 Pentland invested dollars 77,000 in Reebook, then a struggling shoe company, and developed it into one of the world's leading sports brands. By the time it sold its stake in Reebok the initial investment had turned into a dollars 700m ( pounds 350m) profit.
It is hoping to repeat the success with Adidas, which has lost ground to its arch-rivals Nike and Reebok over the past decade.
Pentland will unleash its massive advertising assault in November, after the Adidas deal has been completed.
The campaign will be aimed particularly at the US, where Adidas has only a 3 per cent market share as opposed to 29 per cent for Nike.
- 1 Tidal launch: The most pretentious lines from Alicia Keys' valedictory speech
- 2 Trevor Noah: Jon Stewart's replacement faces online criticism over 'anti-Semitic' tweets
- 3 I might be an MP, but that doesn't stop me fighting sexism with my breasts
- 4 Martha Stewart accuses Snoop Dogg of 'smoking for four hours' during Justin Bieber Roast
- 5 Gamers confess the worst things they've done in The Sims
Prince Charles ‘burns 1.3 tons of carbon’ in private helicopter after urging public to turn off lights for Earth Hour
Martha Stewart accuses Snoop Dogg of 'smoking for four hours' during Justin Bieber Roast
April Fools' Day 2015 live: The best pranks and fake stories from around the world
University of Cambridge: Remains of 1,300 scholars are found under building
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
The West has it totally wrong on Lee Kuan Yew
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
iJobs Money & Business
£20000 per annum + commission: SThree: Sthree have an exciting opportunity for...
£18000 - £32000 per annum: Recruitment Genius: A Telesales Executive is requir...
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...