Rapper Percy “Master P” Miller confirmed to ESPN that he’s in talks with the parent company Adidas to acquire the sportswear brand with former NBA All-Star Baron Davis. According to Forbes, the asking price for Reebok is set at $2.4 billion.
“These companies have been benefiting off us, this could be history for this company going Black-owned,” Miller told Woodyard.
Adidas reportedly had plans in motion to sell Reebok in October before it officially announced its plans to assess strategic alternatives for the sportswear brand earlier this month as part of the development of its latest five-year strategy. These moves include both a potential sale of Reebok as well as the brand remaining a part of the company, but Adidas confirmed that a decision will be announced on March 10, 2021, when the company’s new strategy is officially unveiled.
Since becoming CEO of Adidas in 2016, Kasper Rorsted has repeatedly voiced that the brand has no intention of selling Reebok, despite demands from its investors to do so in 2017. In Adidas’ Q2 2020 earnings report, the company revealed that Reebok revenues were down 42 percent due to its large presence in the U.S. market in the midst of the coronavirus pandemic. Adidas acquired Reebok in 2005 for $3.8 billion in an attempt to conquer the U.S. market by using the brand’s then apparel and licensing deals with both the NBA and NFL.
Miller has a history in footwear, receiving his own signature sneaker from Converse in the ’90s, launching a P. Miller line of sneakers, and recently starting his Moneyatti brand, which he labels as the “Bugatti” of sneakers.
source: complex.com BYVICTOR DENG