Authentic Brands Group (ABG) has signed an agreement with Foot Locker to exclusively offer select Reebok shoes in its stores and website in the United States. The partnership will make Foot Locker the exclusive distribution channel for select high-temperature Reebok products, such as basketball shoes and silhouettes by Allen Iverson and Shaquille O’Neal.
ABG, the company behind dozens of acquisitions of brands and retailers like Forever 21 and JCPenney, announced it would buy Reebok from Adidas in August. The $2.5 billion deal is expected to close in the first quarter of 2022, but the company has already announced a series of distribution and licensing partnerships to sell Reebok around the world.
The Foot Locker partnership represents a crucial new avenue for Reebok to distribute and market its most sought-after product.
“We are delighted to announce our Reebok partnership with Foot Locker, as they form a critical part of our strategic growth plan for the brand,” said Jamie Salter, Founder and Chairman and CEO of ABG. “We are thrilled to partner with a retailer that holds such a strong position with sporting and lifestyle audiences and we look forward to boosting the brand with an iconic new product.”
Foot Locker will also work with Reebok to design and launch a new footwear line for Fall 2022 through the Reebok Design Group (RDG), a brand hub that designs and develops core products.
“We are extremely pleased to partner with ABG and Reebok to gain exclusive access to industry-renowned products,” said Richard Johnson, President and CEO of Foot Locker, Inc. “This partnership builds on our commitment to improving the customer experience, offering consumers warm products from the biggest brands, and forging collaborations with the biggest names in sneaker culture.
Under ABG, Salter said Reebok would see global retail sales of more than $5 billion in 2022. Over the next five years, the goal is to reach $10 billion in annual retail sales worldwide. . ABG also plans to grow Reebok’s digital business, as well as look at the shoe and apparel designs that have made Reebok unique.
Over the past few months, ABG has announced partnerships with different licensing groups to help distribute Reebok around the world. In November, ABG signed an agreement with SPARC Group to make it the official licensee and operating partner of Reebok in the United States. In December, ABG announced a partnership with JD Group to distribute Reebok in thousands of stores in North America and Europe.