Adidas sells Reebok: A chance for the streetwear legend
A new owner
German sporting goods giant Adidas has sold its subsidiary Reebok once and for all. After a months-long search for a buyer, the Authentic Brands Group is said to have paid up to 2.1 billion euros for the brand. Now, streetwear fans and insiders are wondering: What’s on store for Reebok, a brand that was once a cult-favourite?
The sale doesn’t necessarily seem to be bad news for Reebok. What had been looming for months before can be attributed to various things. According to Manager Magazin, Reebok complained that Adidas was developing its own brand and taking too little care of the secondary brand.
The brand, which was struggling to be profitable was making bank again after numerous celebrity collabs and project. Famous examples include Cardi B, Kendrick Lamar and streetwear classics like Gosha Rubchinskyi or Vetements. Then Covid hit.
What the buyer now plans to do with the streetwear brand is unclear. James Salner, head of the Authentic Brands Group, says it is an “honor to be entrusted with continuing the legacy of Reebok.” He also said he wants to preserve the brand’s “spirit of innovation”.
Sounds like we’re going to see even more crazy collabs. After all, it was the one thing, that made the brand work again.
Reebok has a legacy in the American sports and streetwear industry – although not much of it remains. Recent wins include the ongoing collaboration with Cardi B that proved to be a huge success for the brand.
The first drop of their “Club C Cardi” sneaker was sold out immediately. Caroline Machen, Reebok’s global VP of marketing explained how it “It boils down to two pieces: authenticity and shared values”.
“It can’t feel forced. Who Cardi is and what her fans love about her — those are the same values Reebok has. And then, it’s accepting and bringing that forward into product.”
In the end it’s all about cultural relevance – something Reebok might be lacking now, but can attain again with Hiphop icons like Cardi B in their midst. After all culture has the power to create a deep connection between humans and brands.