With Nike and adidas basically reigning supreme in the sports attire arena of the game, it looks like Reebok’s about to undergo a major change. Their parent company, adidas, is looking to cut ties with the struggling OG sneaker brand and keep it moving, sparking interest from known entities.
According to Forbes, the German sportswear company has decided to put Reebok on the market due to the lack of interest the brand has garnered over the years, but don’t expect the home of Shaquille O’Neal’s signature Shaqnosis’s silhouette to come cheaply either. Even with the struggles that Reebok has experienced over the decades on the street market (can’t resell a pair of Reebok’s to save your life out here), the asking price for the company is said to hover around a cool $2.4 billion. Still, even with such a huge price tag it’s being reported that Percy “Master P” Miller and former NBA All-Star Barrn Davis are said to be interested in acquiring the property.
Back in 2005 Adidas purchased Reebok with grand plans of taking on the sneaker juggernaut known as Nike, but unfortunately they were never able to market the brand properly and ended up with a gang of bricks hitting the shelves over the years. Heck, even Puma’s doing better than Reebok (which counts Cardi B as an endorser) these days thanks to Jay-Z and company. But could some culturally connected buyers actually make a difference in the popularity of the brand that gave Allen Iverson his own signature line? Forbes writer, Kori Hale seems to think so.
This is why having culturally astute business minds like Miller and Davis who aptly intersect music, sports and culture can be a major win for Reebok’s turnaround strategy. The company actually pioneered the idea of signing rappers to shoe deals in the same way athletes were. Sean “Jay-Z” Carter signed with Reebok back in 2003 and dropped the S. Carter shoes. In 2004, Reebok’s U.S. footwear sales grew by 17%, due in large part to its continued investment in hip-hop. So it’s plausible that Miller and Davis could even change the wealth paradigm through investing in a major sportswear brand, and providing opportunities that didn’t exist before in the Black community.
Master P for his part seems to have big plans for Reebok should he ended up at the head of that table and judging from moves he’s made in the past, we don’t doubt he can do a little something-something that’s more appealing to the culture.
“As we focus on turning Reebok into a lifestyle brand not just a basketball brand, our most important initiative will be to put money back into the community that built this company,” said Miller.
We hope P ends up Reebok’d down sooner than later cause we’re curious to see what the I Got The Hook Up mogul has in store for the company.
Master P & Baron Davis Interested In Buying Reebok From adidas For $2.4B was originally published on hiphopwired.com