Master P in Talks to Buy Reebok for $2.4 Billion
Master P is making billion-dollar moves.
The No Limit Records mogul is reportedly in talks to buy Reebok. According to Forbes, Percy “Master P” Miller, along with former NBA All-Star Baron Davis, are looking to acquire the sportswear company from Adidas for an asking price of around $2.4 billion.
Davis and Miller have plans to give the brand a new identity while investing in their community and opening doors for other minority entrepreneurs. This includes giving other smaller shoe companies opportunities for distribution.
“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,” said Miller, while Davis added, “I want the people I know athletes, influencers, designers, celebs to sit at the table with me.”
Went from doing million dollar deals, to billion dollar deals! #Godisgood Took a page out of Reginald Lewis’ book, buying major companies to put money back in our communities and to give our people opportunities. This is only the beginning!
— MASTER P (@MasterPMiller) December 29, 2020
Several companies including Timberland, North Face owner VF Corp, and China’s Anta may also be interested in buying the beleaguered brand. Kanye West, Drake, and Pharrell have launched successful partnerships with Nike and Adidas, while Reebok has struggled in recent years to gain a foothold with trendsetters and tastemakers. The brand most recently signed a deal with Cardi B to launch her Club C Cardi sneaker.
Bloomberg says “the company will decide in the coming months” if they will proceed with the sale.
According to Master P, this is just one of the “many deals” on the table. He is also the founder of the Moneyatti Brand, which sells high-end sneakers manufactured in Italy.
“They can’t beat us, so they might as well join us,” he tweeted. “Our mission is to open the doors for other minority entrepreneurs so they know it’s possible 2get a seat at the table.”
But definitely one of many deals we have on the table.@barondavis They can’t beat us, so they might as well join us. Our mission is to open the doors for other minority entrepreneurs so they know it’s possible 2get a seat at the table. https://t.co/VB0auBD9G5 Join the movement!
— MASTER P (@MasterPMiller) December 29, 2020