They’re making moves!
Hip-hop mogul and businessman Percy “Master P” Miller and former NBA All-Star Baron Davis are in talks to purchase Reebok, which could sell for around $2.4 billion. If the duo acquires the brand from its parent company, Adidas, it will be the first Black-owned major sneaker brand. Adidas acquired Reebok in 2005 for $3.8 billion, but its value has decreased, and the sneaker giant is looking to offload the brand.
“I think Reebok is being undervalued,” Davis told Forbes. “I left Nike as a 22-year-old kid representing myself and made the jump to Reebok, which took a chance on me as a creative and as an athlete. I want the people I know — athletes, influencers, designers, celebs — to sit at the table with me.”
In 2003, Sean “Jay-Z” Carter signed with Reebok and dropped the S. Carter shoes. The next year, Reebok’s U.S. footwear sales grew by 17%, primarily due to its continued investment in hip-hop.
Miller and Baron reportedly plan to make it easier for independent sneaker-makers to get their products distributed.
“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,” Miller told reporters. “These companies have been benefiting off us; this could be history for this company going Black-owned.”
Master P shares vision for Reebok: “Crown @alleniverson and give him his righteous icon status for being probably the most elite athlete wearing Reebok. Allen Iverson is Jordan for Reebok. Nobody never gave him the royalties or ownership as the icon for the brand.”advertisement
— Eric Woodyard (@E_Woodyard) December 29, 2020
The businessmen are entrepreneurs with their hands in media, technology, sports, music, and fashion. And as we recently reported, Miller started his Uncle P food products. Miller has an estimated net worth of over $200 million, Davis $60 million.
“We want this to be a community effort that sets up the next generation of leaders for success,” Vy Le, COO of Baron Davis Enterprises, said.
Keep growing your empire! We’re rooting for you!