Former NBA All-Star Baron Davis and hip-hop mogul Percy “Master P” Miller are in talks to purchase Reebok. A price of approximately $2.4 billion is being demanded by parent company Adidas.
Reebok’s cultural relevance has gone down in the past few years but Davis and Miller believe they can bring the brand back to life.
By roping in Jay-Z and 50 Cent in 2003, Reebok became the first global athletic company to sign rappers to signature shoe deals. Later, big brands like Nike, Jordan Brand and Adidas followed the same path and went on to do massive business with rappers.
Davis wants the “athletes, influencers, designers, celebs to sit at the table” with him saying that the brand is currently not being valued as it should be.
“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.
In 2005, Adidas acquired Reebok for $3.8 billion, with a plan to boost the good reputation the brand had at one point in time.
In the early 2000s, Reebok was the exclusive uniform supplier for the NBA and WNBA and the NHL until 2017. It also 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.