Reebok sales dropped 44% in Q2, only accounted for 8% of Adidas' total sales in the first half of '20Getty Images
Hip-hop business mogul Percy "Master P" Miller and former NBAer Baron Davis are "looking to acquire" Reebok, which "could garner an asking price" of around $2.4B, according to Kori Hale of FORBES. Davis and Miller both are "serial entrepreneurs with investments spanning sectors." They have plans to "not only turn around the beleaguered brand, but to give other smaller shoe companies opportunities for distribution." While creating a "new cool identity for Reebok, they want to change the narrative by offering African Americans a piece of the athletic footwear and apparel pie." Miller said, "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." Hale reported Reebok sales dropped 44% in Q2, while only accounting for 8% of Adidas' total sales in the first half of the year. Adidas has "focused Reebok on fitness in recent years, and currently has official footwear and apparel sponsorship deals with UFC and Spartan Race." It also has a deal with CrossFit that is "set to expire this year" (FORBES.com, 12/28).
