Reebok has struggled under Adidas since the sports giant acquired it. Previously a sports generalist, the brand shrunk under Adidas to focus on the fitness and athletics side of the market, which analysts say was the result of not wanting the two brands to compete with each other.
While Reebok President Matt O’Toole told Retail Dive earlier this year that a sale could open an opportunity for Reebok to expand again into other sports categories, Authentic Brands stayed focused on the brand’s fitness positioning in its statement.
“We’ve had our sights set on Reebok for many years, and we’re excited to finally bring this iconic brand into the fold,” Jamie Salter, founder and CEO of Authentic Brands, said in a statement. “Reebok not only holds a special place in the minds and hearts of consumers around the world, but the brand also has expansive global distribution.”Retail Dive