Trending News

SUBSCRIBE NOW

Trending News

Reebok Sold by adidas to Authentic Brands Group for $2.5 Billion USD
News, Sneakers

Reebok Sold by adidas to Authentic Brands Group for $2.5 Billion USD 

First acquired by adidas back in 2006 for $3.6 Billion USD, after a decade and a half, Reebok has again been sold for $2.5 Billion USD, to Authentic Brands Group. The deal is expected to be finalised some time in the first quarter of 2022.

Despite the fall in valuation, Reebok has had some iconic releases in the past, such as the collections released in collaboration with Allen Iverson, Shaq and more recently, Cardi B. Over the years, Reebok has also crafted pairs with adidas, as crossovers. These collections, and more, have certainly left the footwear giant’s mark on sneaker world, and has immortalised it. 

The buyer- Authentic Brands Group- is a brand management firm based out of New York, and boasts over 30 brands under their belt, including the likes of Barneys and Brooks Brothers. Jamie Salter, Founder, Chairman and CEO of ABG made a statement about the acquisition of Reebok and seemed glad. He said, “It’s an honor to be entrusted with carrying Reebok’s legacy forward. “This is an important milestone for ABG, and we are committed to preserving Reebok’s integrity, innovation, and values – including its presence in bricks and mortar. We look forward to working closely with the Reebok team to build on the brand’s success.”

The gratitude doesn’t end here, and the feelings are reciprocated, for the adidas CEO Kasper Rorsted. “Reebok has been a valued part of adidas, and we are grateful for the contributions the brand and the team behind it have made to our company”, he says. “With this change in ownership, we believe the Reebok brand will be well-positioned for long-term success. As for adidas, we will continue to focus our efforts on executing our “Own the Game” strategy that will enable us to grow in an attractive industry, gain market share, and create sustainable value for all of our stakeholders.”, said the CEO of The Three Striped about how he is grateful to have had Reebok as a part of the adidas family for almost two decades.

For more updates

Keep following

Street Sense

Related posts

Street Sense 2021 All Rights Reserved