Reebok’s Story
When I think of Reebok the first thing that comes to mind is the classics or the pumps. However, these sneakers are synonymous with the brand that was not the company’s first shoe. J.W. Foster began making running spikes under his namesake in 1859. Reebok did not come to be until 1958 by Foster’s grandchildren. The classic logo sporting Great Britain’s flag paid homage to where it all began.
Some of the sneakers released under the Reebok name were the classic, pump, and zig. Reebok has had many identities, from running sneakers to fitness and lifestyle brands. Along with these identities, there were some ownership changes. In 2005 Adidas purchased Reebok but sold off the business in 2021. Currently, Reebok has 9,100 employees and a revenue of $2.3 billion. Let’s take a deep dive into this company.
Let’s go for a Run
Joseph William (J.W.) Foster began making running shoes at the age of 14 in Bolton England. He is credited with designing the earliest spike running shoe. After mastering his craft and design Foster founded the J.W. Foster company in 1900. Later his sons joined and it became the J.W. Foster and sons’ company. They also founded the Olympic Foster company.
The early spikes were featured in the book Golden Kicks: The Shoes that Changed Sport. Foster spikes were made famous during the 1924 Paris Olympics. The running shoes were worn by 100m Olympic champion Harold Abrahams. Foster would continue to operate under this name until 1958.
In 1958 Reebok was founded by Jeff and Joe Foster. The name Reebok comes from the African Antelope. It was not until 1979 that Reebok would make its way to the U.S. By 1981 Reebok would reach sales of $1.5 million. This was due in part to the fitness craze of the 80s.
Reebok gets in on the Fitness Craze
Throughout the 80s and some of the 90s America was hit with the fitness bug. Everyone was either Sweatin to the Oldies or in a fitness studio. Reebok capitalized on this with Freestyle. The Freestyle debuted in ’82 and was marketed as a fitness show for ladies. By 1985 Reebok saw sales of $13 million and their IPO on the NYSE. After fitness reebok went back to sports.
A Step Back into the Sports World
After dabbling in fitness Reebok goes back to sports. They debuted the Newport Classic for Tennis in 1989. This shoe was made popular by Boris Becker and John McEnroe. After Tennis Reebok transitioned to basketball and this brought on the first logo change. The vector logo was a switch that signaled a change in direction to performance.
This transition meant licensing deals with athletes. These deals included NBA, NFL, and MLB athletes. Some athletes that had deals with Reebok were Shaquille O’Neal and Frank Thomas. Reebok started offering clothing, accessories, and the Weebok. The mid-80s saw increased sales totaling $1 Billion and the Pump was introduced in ’89.
The 2000s were big for Reebok
In 2000 Venus Williams won Wimbledon and brought home gold during the summer Olympics. This meant a five-year $12 million deal. Reebok also signed a 10-year licensing deal with the NFL and CFL. This deal included uniforms and apparel. In 2001 Reebok also began a 10-year licensing deal with the NBA and WNBA. Their focus was not limited to just the hardwood.
In 2004 they signed a deal with the NHL and the CHL to provide uniforms. Reebok also manufactured and supplied hockey equipment as well. This continued until they sold off that business to Birch Hill for $100 million.
A Merger to Take on the Champ
In a move to compete with Nike Adidas purchased Reebok for $3.8 billion. Adidas thought that Reebok’s licensing deals with the NFL and NBA this would help them increase their market share. That was not the case.
Although Reebok saw success in the early 80s by the end of the decade it experienced steady declines. Although Reebok had signed stars like Iverson, Jay-Z, and G-unit they were unable to remain relevant. After a 15-year relationship, Adidas sold Reebok at a $1.5 billion loss.
Will we see Reebok Bounce Back?
Recently Reebok has signed Cardi B and GiGi Hadid to the brand. This may be a move in the right direction to keep Reebok relevant. Also, there has been the release of the OG Questions made famous by Iverson. Although we do not see these flying off the shelves like Jordans this sneaker still moves. Only time will tell if Reebok is able to maintain.
