{"id":70939,"date":"2021-05-14T02:08:15","date_gmt":"2021-05-14T02:08:15","guid":{"rendered":"https:\/\/www.thefastfashion.com\/?p=70939"},"modified":"2021-05-14T02:08:15","modified_gmt":"2021-05-14T02:08:15","slug":"nine-west-partner-offers-buy-reebok-1b","status":"publish","type":"post","link":"https:\/\/www.thefastfashion.com\/?p=70939","title":{"rendered":"Nine West partner offers to buy Reebok for over $1B"},"content":{"rendered":"

Offers to buy Reebok started rolling in this week with the licensing company behind Nine West and Frye offering around $1 billion for the money-losing sneaker label, The Post has learned.<\/p>\n

Jamie Salter\u2019s Authentic Brands Group teamed up with Wolverine World Wide, the footwear maker behind Merrell shoes and Hush Puppies, to offer slightly more than $1 billion\u00a0for the Cardi B-linked brand, a source said.<\/p>\n

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That\u2019s well far below the $3.8 billion Adidas paid for Reebok back in 2006.<\/p>\n

Apollo Global Management also made a non-binding offer for the struggling fitness label earlier this week, a source close to the situation said.<\/p>\n

It\u2019s unclear how much the Marc Rowan-led private equity giant offered to pay for Reebok, but all offers are currently contingent on due diligence. Final offers are expected by late June.<\/p>\n

Germany-based Adidas didn\u2019t return a request for comment.<\/p>\n\n

The company has been looking to offload Reebok since Feb. 16, saying it wants to focus on growing its core brand around the world. But the auction comes as Reebok bleeds money \u2014 to the tune of more than $100 million in a year before before interest, taxes, and amortization, sources said.<\/p>\n

Reebok was founded in England in 1895 and the brand really took off in the 1980s when it introduced the first athletic shoe specifically designed for women. Reebok has since lost its footing as it seeks to compete with a growing number of fitness brands for women, including Saucony and Puma.<\/p>\n

The company\u2019s steep losses mean potential buyers cannot borrow money to use toward the purchase, sources said. Also potentially dragging down the price: Adidas will stop making the shoes post sale, requiring some bidders to find footwear partners, sources said.<\/p>\n

\u201cIt\u2019s a real tough deal,\u201d one source said. \u201cIt\u2019s hard to come up with a value for a company that loses money.\u201d<\/p>\n

Adv<\/em>.<\/strong><\/p>\r\n\r\n