BERLIN (Reuters) - German sportswear company Puma is selling the rights to the Swedish brand Tretorn that makes iconic tennis shoes to U.S. firm Authentic Brands Group (ABG) as part of a strategy to narrow the focus of its business.
AGB, which owns a portfolio of fashion, celebrity and sports brands including skiwear firm Spyder and martial arts gear group Tapout, said it wanted to expand the Tretorn brand to North America and Asia.
It did not say how much it was paying for Tretorn.
Founded in 1891, Tretorn initially made rubber boots for Swedish villagers and fishermen, expanding in the 1970s into tennis shoes sported by the likes of Bjorn Borg and Martina Navratilova that became fashion hits off the court too.
"With today's lifestyle trends, now is the perfect time to welcome Tretorn to the ABG family and launch it into new categories and territories," AGB president Nick Woodhouse said in a statement.
Tretorn's management will acquire the operating licence from ABG and continue the business in the Scandinavian and European market, while ABG said it was in advanced discussions with a strategic licensing partner for North America.
Puma, which bought the brand in 2002, said the sale was a result of a shift in recent years to focus on its core brands and the world's most popular sports such as soccer, running, golf and motorsport.
German rival Adidas earlier this year sold non-core shoe brand Rockport.
(Reporting by Emma Thomasson; Editing by Kirsti Knolle and Georgina Prodhan)
