By CultureBanx Team
- Reebok appointed Shaquille O’Neal as the President of Basketball alongside Allen Iverson as the Vice President of Basketball
- Shaq and Allen Iverson are tasked with helping Reebok reach its ambitious goal of $10B in sales by 2027
In a strategic move to reposition itself in the sporting goods sector, Reebok has enlisted some powerful names to steer its ship. The brand recently announced the appointment of Shaquille O’Neal as the President of Basketball, a newly created role. Alongside this, Allen Iverson has joined the brand as the Vice President of Basketball. This new chapter in Reebok’s history marks a bold effort to reclaim its standing in the sports arena and hit $10 billion in sales by 2027.
Why This Matters: Now under the ownership of Authentic Brands Group (ABG), Both O’Neal and Iverson have a longstanding relationship with Reebok and its parent company. The latter acquired Reebok for $2.5 billion from Adidas (ADDYY -1.27%) in August 2021, marking the beginning of a new era for the brand.
Reebok’s decision to bring O’Neal and Iverson back on board is a clear nod to its glory days. In the ’90s, Reebok was a highly valued brand, signing agreements with Shaq and Iverson as rookies. However, during Adidas’ ownership, Reebok lost its standing in basketball and other sports as Adidas prioritized its flagship brand.
Reebok’s ambitious goal is to hit $10 billion in sales by 2027. The brand has already seen significant growth, with President and Chief Marketing Officer of ABG, Nick Woodhouse, indicating that Reebok is likely to hit close to $6 billion in 2023, according to WWD.
The brand has signed deals with Foot Locker (FL +0.05%) and Macy’s (-2.40%) in the U.S. and JD Group, a global multichannel retailer that owns Finish Line, DTLR, and others. By working with its wholesale partners globally, Reebok aims to build its business and reach its $10 billion sales target.
What’s Next: As Reebok navigates this new chapter, the brand has a clear vision for its future. It’s intent on becoming a significant player in the basketball market again, aiming to compete with giants like Nike and Adidas. With O’Neal and Iverson on board, Reebok expects to increase its basketball sales to between 20% and 25% over the next few years. The brand is also planning to expand its apparel line and collaborate with clubs and influencers to boost sales and visibility.
CBX Vibe: “We Paid” Lil Baby