Master P and Davis to Buy Reebok
Rapper and mogul Master P and former NBA star Baron Davis set out to make history. The two are working together to buy Reebok from its parent company, Adidas, for $2.4 billion.
The deal would be monumental for black entrepreneurship. Master P and ex-NBA star Byron Davis will become the bar. The duo would make Reebok, a legendary shoe giant the first Black-owned major sneaker brand.
“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.
Master P Elaborates on Their Vision
“These companies have been benefiting off us, this could be history for this company going Black-owned,” Master P told ESPN.
Miller continued, “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.”
A Recent History
Adidas acquired Reebok in 2005 for $3.8 billion. However, its value has decreased significantly in the decade and a half since that deal. Furthermore, Adidas is looking to offload the brand.
In fact, Reebok was the first major shoe company to sign a music artist in an endorsement deal. It actually decided to emulate 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.
Hopefully, the deal goes through. It’ll be another good look for the legend, Master P to buy Reebok.