Paras Griffin/Getty ImagesHip-hop mogul Percy “Master P” Miller and retired NBA star Baron Davis are in talks to acquire Reebok from Adidas for $2.4 billion, according to Forbes.
With a combined net worth of over $260 million, Miller and Davis plan to create distribution opportunities for smaller shoe companies and new opportunities for wealth within the Black community.
“As we focus on turning Reebok into a lifestyle brand not just a basketball brand, our most important initiative will be to put money back into the community that built this company,” Miller told Forbes.
Both Miller and Davis are serial entrepreneurs with hefty investments in music, sports, film, fashion, technology and more, including Miller’s No Limit Records empire and his latest venture with Uncle P food products.
Davis — who founded several companies including Sports and Lifestyle in Culture, The Black Santa Company, BIG and No Label — hopes to create more seats at the table for more individuals like himself.
“I think Reebok is being undervalued,” said Davis. “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.”
Reebok is one of the first major shoe companies to sign endorsement deals with music artists, the same way they would with athletes. After signing Jay-Z in 2003 for his S. Carter shoes, the brand’s sales increased by 17% the following year. In 2005, Reebok was acquired by Adidas for $3.8 billion, and has since partnered with fellow artists such as Kendrick Lamar, Rick Ross, Ariana Grande and, most recently, Cardi B.
By Rachel George
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