LONDON (Reuters) -Top Adidas (OTC:) 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.