How Shaquille O’Neal Pushed Authentic Brands to Buy Reebok

Shaquille O’Neal once had his sights set on owning Reebok. Now, with the news of the brand’s sale to Authentic Brands Group (ABG), the former NBA athlete is one step closer to that dream. O’Neal has owned shares in ABG since 2015, when he sold the rights to his name brand to the company. On Thursday, the company behind dozens of brand and retailer acquisitions, including Forever 21, Barneys New York and J.C. Penney, entered into an agreement to buy the Reebok brand from Adidas. The mostly cash deal is worth 2.1 billion euro, or about $2.5 billion at current exchange, and is set to close in Q1 of 2022. “As a longtime partner of Reebok and an owner of ABG, it’s a dream come true to welcome this legendary brand to the family,” O’Neal said in a statement. Adidas acquired Reebok in 2006 for $3.8 billion and laid out a turnaround plan for the brand in 2016. Through the years, Reebok’s revenues declined and in December of 2020, Adidas announced it would sell the business. O’Neal’s own history with Reebok began in 1992, when he signed a multiyear year deal with the brand worth $15 million. Through this partnership, he launched a series

Follow Footwear News on Twitter or become a fan on Facebook.

from Footwear NewsFootwear News https://ift.tt/3yVIAtT