Adidas will launch a new share buyback programme starting July 1 worth up to 550 million euros ($653.62 million), the German sportswear company said on Tuesday.

The move is part of plans announced by Adidas earlier this year to return up to 9 billion euros to its shareholders in the next five years, through dividend payouts of between 30 percent and 50 percent of net income from continuing operations, along with share buybacks.

Adidas last month raised its 2021 sales forecast as it expects a resumption of big sporting events to drive demand.

Shares in Adidas were up 2.5 percent after the news.