Authentic Brands Group (ABG) has made a $1million bid for Reebok. As per Fashion Network, If a deal materializes, the licensing company would add Reebok to a roster of brands such as Juicy Couture, Nine West and Frye.
Adidas, Reebok’s parent company, confirmed it was considering a buyer for the sneaker brand in December 2020, although whispers of a sale — and suspicions that ABG would be involved — first circulated in 2019.
Adidas wrote down Reebok’s value to €842 million (about $1 billion) in 2020, while its namesake brand generated is worth nearly 16 times that. Reebok has spent most of the last decade competing with sportswear and sneaker giants like Nike, attempting its hand at headline-making partnerships with celebrities and fashion figures like Cardi B, Victoria Beckham and Kerby Jean-Raymond.
ABG has purchased a slew of fashion brands over the past two years, including Brooks Brothers, Lucky Brand, Barneys New York and most recently, Eddie Bauer.