Former NBA All-Star Baron Davis and hip-hop mogul Percy “Master P” Miller are in talks to purchase Reebok. Parent company Adidas is reportedly asking for approximately $2.4 billion.
Davis and Miller believe they can help rejuvenate Reebok, which has seen its cultural relevance decline in recent years.
Reebok was the first global athletic company to sign rappers to signature shoe deals, starting with Jay-Z and 50 Cent in 2003. The trend has since exploded with Nike, Jordan Brand and Adidas all doing big business with rappers.
Davis said he thinks Reebok is undervalued and wants the “athletes, influencers, designers, celebs to sit at the table” with him.
“As we focus on turning Reebok into a lifestyle brand not just a basketball brand,” Miller added, “our most important initiative will be to put money back into the community that built this company.”
Rumors of a potential Reebok sale emerged in October, following a 42% year-over-year drop in second-quarter sales, making up just 8% of Adidas’ overall sales. A few potential suitors were connected to Reebok, including Timberland and North Face owner VF Corp. and China’s Anta.
Adidas acquired Reebok for $3.8 billion in 2005, looking to capitalize on the company’s bygone reputation.
Reebok was the exclusive uniform supplier for the NBA and WNBA in the early 2000s and the NHL until 2017, and had endorsement deals with athletes including Allen Iverson and Davis.
“These companies have been benefiting off us, this could be history for this company going Black-owned,” Miller told ESPN.
