By combining two of the most respected and well-known brands in the worldwide sporting goods industry, the new group will benefit from a more competitive platform.

Asia is the biggest growth market for us, especially China, but also Japan.

Clearly there are challenges that Reebok will solve but these were not unknown when we made our offer in August and we remain fully confident in the synergies,

With these measures, we will create a structure that is geared to the changed conditions within our business, allowing short reaction timelines and improving overall efficiency,

Our key region North America is stronger than ever, so that we have raised our group sales and earnings expectations for the year,

But I'm not disappointed about the results (in Europe) for the first nine months, and you will see positive revenue growth here in the fourth quarter,