On Monday (Dec. 28), Forbes reported that P and Baron Davis are looking to acquire Reebok from Adidas, which bought Reebok 15 years ago. The site reports that the asking price for the Reebok is $2.4 billion.
Master P, who has a diverse portfolio of investments and helped found Rap Snacks almost 30 years ago, says he is looking to reinvest in communities that helped propel Reebok to success in the first place.
“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,” P told Forbes.
The site says P and Davis plan to give smaller shoe companies a chance to be distributed by Reebok and offer more African Americans a chance to own a piece of the “athletic footwear and apparel pie.”
For his part, Davis sees an opportunity to work with an underappreciated brand.
“I think Reebok is being undervalued,” he told the site. “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.”
If Master P and Davis are able to acquire Reebok, they could be facing an uphill battle trying to make the brand as successful as it was before. According to Forbes, sales for the brand dropped 44 percent in the second quarter of 2020.
Based on other sources who spoke to Forbes, Adidas is looking to finalize Reebok’s sale by March.
XXL has reached out to Master P, Baron Davis, Adidas and Reebok for comment.
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