Master P, ex-NBA star Baron Davis in talks to buy Reebok for $2.4B
Their purchase could reenergize Reebok in the sneaker and streetwear markets as a major Black-owned brand.
Rap mogul Master P and former NBA star Baron Davis are negotiating to buy Reebok from its parent company, Adidas, for $2.4 billion.
The deal would make the legendary shoe giant the first Black-owned major sneaker brand.
Adidas acquired Reebok in 2005 for $3.8 billion, however, its value has decreased significantly in the decade and a half since that deal, and Adidas is looking to offload the brand.
Reebok was the first major shoe company to sign a music artist in an endorsement deal the way big-label companies previously attached themselves to athletes. The brand collaborated with Jay-Z in 2003 and saw an immediate increase in sales the following year.
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“I think Reebok is being undervalued,” said Davis, according to 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.”
“These companies have been benefiting off us, this could be history for this company going Black-owned,” Master P, whose real name is Percy Miller, told ESPN.
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The men’s purchase could reenergize Reebok in the sneaker and streetwear markets as a Black-owned brand in a year that has seen many calling for change in socioeconomic and racial justice. They reportedly plan to pave lanes making 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,” said Miller, “our most important initiative will be to put money back into the community that built this company.”
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Both Davis and Miller are entrepreneurs with investments in media, technology, sports, music and fashion. Miller also recently entered the food market with his Uncle P food products.
Miller has an estimated net worth of over $200 million. Davis’ net worth is estimated at $60 million.
“We want this to be a community effort,” said Vy Le, chief operating officer of Baron Davis Enterprises, “that sets up the next generation of leaders for success.”
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