| 簡介：「併購」儼然成為全球市場搶攻市占率的顯學！國際品牌 Adidas 在收購 Reebok 後，是否發揮 1 + 1 > 2 的威力，成功將 Nike 拉下龍頭寶座？本文帶你一起看門道。
Adidas and Reebok: The Perfect Double-Team?
What do you do when you're the world's second biggest brand but you just
can't dislodge the market leader from the top spot? How about acquiring the third-placed player
and double-teaming? That's precisely what Adidas did when, in 2005, it purchased the U.S.-based
Reebok brand for US$3.8 billion in an attempt to challenge the supremacy of Nike.
>From the beginning there were mixed views of the merger. Reebok's shares
rose 30 percent on the back of the move. Adidas execs naturally trumpeted it as the best thing
since sliced bread, with CEO Herbert Hainer hailing it as “a once in a lifetime opportunity.”
Some analysts, though, were puzzled by the acquisition, believing it would weaken both brands.
Initially it looked like the naysayers had been proven right as Adidas continued to perform solidly,
but Reebok's revenue declined for three straight years.
However Erich Stamminger, head of Adidas' U.S. operations, had early on
urged caution, opining “Even if you do everything right, you will not in 12 months change the
world.”
By 2010 there was a 12 percent resurgence for Reebok, spurred by the
EasyTone and ZigTech ranges of footwear. Reebok's gross margin had also widened by 4 percentage
`points to 35.9 percent, though it still lagged behind its parent company, which recorded 47.8
percent profitability. CEO Uli Becker has set a target of closing this gap by 2015.
愛迪達與銳跑聯手：完美的 1 + 1？
當你身為全球第二大品牌，但就是沒辦法將市場龍頭從第一名擠下來時，你會怎麼做？收購第三大對手共同反擊如何？這正是愛迪達的作法。為了挑戰耐吉的領導者地位，愛迪達在二○○五年以 38 億美元買下美國品牌銳跑。
一開始出現了關於這件合併案的紛雜意見。銳跑的股票在併購案之後上漲了 30%。而愛迪達高層自然大肆宣揚這是有史以來最棒的事，執行長賀伯•海納讚揚此為「千載難逢的機會」。然而，一些分析師對此併購案感到困惑，認為此舉會削弱雙方的品牌。起初當愛迪達持續表現穩健而銳跑的收益卻連續三年下滑時，似乎印證了反對者的想法是對的。
然而愛迪達的美國營運總監艾力克•史坦明格很早就謹慎呼籲，他表示「即使你每件事都做對了，你也不會在十二個月內改變世界」。
到二○一○年為止，銳跑的收益因 EasyTone 和 ZigTech 系列鞋款的刺激而上揚了12%。銳跑的毛利也上升四個百分點到 35.9%，儘管它仍落後母公司 47.8 % 的獲利表現。執行長尤里•貝克定下要在二○一五年前追上此差距的目標。 |
