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Are you ready for one of the fashion surprises of the year? Well, here it is. Adidas is selling Reebok to Authentic Brands Group (ABG) for 2.5 billion dollars (2.1 billion euros). Adidas has decided to concentrate on its namesake brand due to Reebok not delivering financially as expected.
Adidas purchased Reebok for 3.8 billion in 2006 as the German sporting goods company sought to outpace its major competitor Nike. Though this purchase of Reebok was substantial, investors repeatedly called for Adidas to abandon Reebok due to lagging sales.
According to Reuters, Reebok will retain its headquarters in Boston and continue operations in North and Latin America, Asia-Pacific, Europe, and Russia.
“We’ve had our sights set on Reebok for many years, and we’re excited to finally bring this iconic brand into the fold,” Jamie Salter, founder, chairman and CEO of ABG, said. “We are committed to preserving Reebok’s integrity, innovation, and values—including its presence in bricks and mortar,” Salter added.
Over the past 11 years, ABG has acquired more than 30 labels sold in some 6,000 stores. Its brands include apparel chains Aéropostale and Forever21, as well as and Sports Illustrated magazine. Despite the global health pandemic, ABG has had strong earnings in 2020 and recently filed for a US initial public offering.
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Two unlikely brands find common ground
When fashion collaborations come to mind one doesn’t necessarily think of Tommy Hilfiger and Romeo Hunte in the same thought capsule. Still, in this time of uncertainty, anything is possible.
That said, these two seeming disparate brands have come together in a unique capsule collection, TommyxRomeo. This capsule collection seeks to fuse Hilfiger’s Manhattan Prep style with Hunte’s Brooklyn street style. The capsule features classic Hilfiger pieces like puffer jackets, trench coats, jeans, shorts, and sweatshirts, as well as accessories, but remixed via Hunte’s signature deconstructed design, creating fresh looks meant to appeal to a new generation of shoppers.
These two brands collaboration is due to Tommy Hilfiger’s People’s Place Program, an initiative started by Hilfiger which finds and nurtures young talent from underrepresented BIPOC communities. The capsule collection is available now at romeohunte.com.
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Frank Ocean dips into the jewelry and accessories pool
OK, OK it’s another celebrity fashion launch. Nothing new about that. Well, not quite true.
Unlike many celebrities who try to get a foothold in the fashion and beauty industries by launching a clothing brand or a beauty brand, recording artist Frank Ocean has opted to launch a jewelry and accessories brand.
Inspired by his childhood, these retro-style items are made in Italy and designed in New York City. According to fashionnetwork.com, “the pieces feature bright colors and characters with a manga edge. The jewelry is made from 18k gold, recycled sterling silver, hand-painted enamel, and lab-grown diamonds.”
The jewelry collection is rather pricey with pendants starting at $435 and $1,695 for “double sphere” earrings, $16,515 for a gold bracelet, and $471,900 for a gold necklace set with a multitude of diamonds of different colors. Silk scarves are priced between $230 and $460.
Entitled ‘Homer,’ the collection can only be purchased at the brand’s only New York store, located in lower Manhattan. Appointments are made online in 15-minute booking slot options.
Frank Ocean is the son of 80s pop superstar Billy Ocean. Frank Ocean’s hit songs include “Thinkin Bout You,” “Slide,” “White Ferrari,” “Chanel,” and “Nights.”
—William S. Gooch
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