It has been using its logo for more than 70 years.
A spokesman for Adidas said on Wednesday that the company will withdraw its opposition to the Black Lives Matter Global Network Foundation's trademark application as soon as possible.
Browne argued that shoppers were unlikely to confuse the two brands as - among other reasons - his had a different number of stripes.
According to Adidas, the number of stripes on its famous mark does not have any significance. Adolf Dassler, the company said, tested several versions and combinations of stripes and found that those shown on its mark showed up most prominently in photographs.