Dialogue with Reebok's parent company ABG Greater China head: The top priority is to return to major sports.

Ask AI · How should Reebok’s sports strategy respond to competition in China?

Jiemian News Reporter | Qin Lixin

Jiemian News Editor | Ya Hanxiang

From its glorious peak in the 80s and 90s, to gradually losing momentum amid industry consolidation, and ultimately being sold off. The decline of Reebok is a regret shared by many who know this brand well.

According to Guojin Securities, after entering the U.S. market in the early 1980s, Reebok achieved approximately 300 times sales growth within just five years, with over 25% market share in the U.S. athletic shoe market, once surpassing Nike to become the top sports brand by market share at that time.

After the turn of the millennium, Reebok further extended into pop culture, collaborating with hip-hop star Jay-Z to launch its first non-athlete signature shoe. Notably, Yao Ming also switched from Nike to Reebok during this period.

In 2006, Adidas, aiming to break into the U.S. market, acquired Reebok for $3.8 billion, intending to fully compete against Nike. However, the integration did not meet expectations; Reebok’s brand positioning gradually blurred, performance remained under pressure, and it became increasingly marginal within the group. This acquisition was even dubbed a “failure from the start” by industry insiders.

In 2021, Adidas announced the sale of Reebok to Authentic Brands Group (hereinafter “ABG”) for a total price of up to 2.1 billion euros.

ABG, which adopts a light-asset operating model, is the IP owner of many sports, entertainment, and lifestyle brands. The company acquires and invests in brands, licensing their intellectual property to various global partners to operate, thereby continuously amplifying brand value and monetizing business.

In 2022, when ABG announced the completion of Reebok’s acquisition, founder Jamie Salter proclaimed, “It’s time to let Reebok be Reebok.”

In just four years after ABG took over, Reebok’s global sales grew from $3.6 billion to over $5 billion. However, in contrast to the global recovery, the Chinese market has yet to show significant improvement.

By 2025, Reebok Greater China still had not turned profitable, and there were even rumors that it would be discarded as a “burden” again. On March 6 this year, ABG replaced Reebok’s core operational partner in mainland China, Hong Kong, and Macau from Lianya to New Reebok Sports.

For ABG and New Reebok Sports, regardless of whether Reebok can replicate its past success, the most challenging task is to bring this brand back into the public eye. Regarding this, at ABG’s Asia-Pacific headquarters in Shanghai, Josh Perlman, head of Greater China, gave an exclusive interview to Jiemian News.

Left: ABG Greater China Head Josh Perlman (Photo source: ABG)

Unleash Reebok

In fact, Reebok once contributed to Adidas’s performance growth. In 2017, Reebok launched an expansion plan in China, aiming to open 500 stores within three years, and attempted to leverage digital channels and the fitness boom to break through, while signing multiple Chinese celebrities to boost brand visibility. However, later affected by the pandemic, Adidas lost patience with Reebok.

According to Josh Perlman, a company owning multiple brands usually has a core brand and several others. For example, Nike owns Converse, but Converse has also been adjusting in recent years.

“Running a company with multiple brands or businesses simultaneously is inherently challenging,” Perlman said. “But what’s different about ABG is that, as an IP licensing company, ABG invests in brands, owns the brands, and licenses the most suitable partners to operate them. So we feel that after buying Reebok from Adidas, we can almost free Reebok.”

Jiemian News: Why do you think Adidas failed to operate Reebok successfully, and ABG can succeed?

Josh Perlman: In the late 80s and early 90s, Reebok was the world’s largest sports brand, what we call “Big Sports.” At that time, Reebok was a direct competitor to Nike and Adidas. There were only three long-established “Big Sports” brands globally: Reebok, Nike, and Adidas.

But after Adidas acquired Reebok, the focus on CrossFit, a fitness branch, was too small for Reebok. In fact, Reebok was involved in basketball, tennis, running, fitness, soccer, American football, and many other sports. So, Reebok became too constrained. ABG’s acquisition freed Reebok, allowing it to regain its “Big Sports” status.

Jiemian News: Why are you so confident about shifting Reebok back to “Big Sports,” and what potential does Reebok have?

Josh Perlman: Without the credentials, you can’t formulate a “Big Sports” sports strategy. You can’t just be a new or niche brand. For example, a brand very strong in running, even if it ventures into basketball and signs some excellent players, lacks deep historical roots in basketball and thus can’t be called a “Big Sports” brand.

Therefore, to implement a “Big Sports” strategy, a brand must have the relevant credentials. Only three brands truly qualify, and Reebok is one of them.

Jiemian News: After ABG took over Reebok from Adidas and switched the China operations from Lianya to New Reebok Sports, why was it not successful?

Josh Perlman: I think a lot depends on timing, right? Luck and timing. Lianya took over during a very tough period of the pandemic. The transition with Adidas was also very difficult. So, I can only say it was bad timing, unlucky.

Additionally, we believe that other global partners (besides Reebok’s China operations) have deeper roots in the sports industry. Therefore, we think a partner with experience in sports brand operations is more suitable, and New Reebok Sports fits that role.

Can the new partner, New Reebok Sports, succeed?

Between 2022 and 2025, under Lianya’s management, Reebok’s stores in China once expanded from 15 to 30 by the end of 2023; in mid-2024, reaching 36 stores. But starting from the first half of 2025, Lianya began closing underperforming stores, and the expansion slowed, entering a phase of contraction and adjustment.

After New Reebok Sports was confirmed as the new operator in 2026, external attention quickly turned to its background and resource capabilities.

Tianyancha data shows that Xinrui Sports Technology (Shanghai) Co., Ltd., is controlled by Shanghai Xinrun Investment Management Co., Ltd. Shanghai Xinrun is also a shareholder of Youtour Sports Technology (Hangzhou) Co., Ltd., the authorized agent for Under Armour’s children’s line in China.

Reebok’s classic shoes (Photo source: ABG)

Jiemian News: Why choose New Reebok Sports?

Josh Perlman: One of the most important factors in evaluating a company is its owner. We believe the best thing about the founder and owner of New Reebok Sports is that he himself is a “brand manager.” In managing sports brands like Under Armour and Reebok, he personally gets deeply involved.

Personally, I have extensive experience in the Chinese market. When I evaluate his retail ability, channel relationships, understanding of products, as well as his team and supply chain capabilities, I believe he has all the key foundational advantages to integrate these elements. Plus, with strong support from ABG, we are very confident in making Reebok successful.

Jiemian News: But New Reebok Sports is a newcomer.

Josh Perlman: Yes, I find that very interesting. I see New Reebok Sports as a rising star. They’ve already opened about 250 Under Armour children’s stores, and their online performance is excellent, with rapid product development and high quality.

So, I think there are many ways to find a partner. Some are already very mature with diverse businesses, and you become one of their many partners; others may have hit a growth bottleneck. New Reebok Sports is on the rise, and we want to partner with them during their ascent.

Jiemian News: How will the division of labor work in this partnership?

Josh Perlman: ABG’s business model is essentially “brand IP owner.” We will ensure that Reebok’s products, stores, marketing, and athlete image meet standards worldwide, and bring all these resources into the Chinese market.

Meanwhile, they (the local operational partner) will be very close to the market and lead the operations; but as the brand owner, we will participate in every key step, working together to push forward.

Reebok’s running community (Photo source: ABG)

What kind of Reebok can Chinese consumers expect?

Josh Perlman’s long-term vision for Reebok in China is to build a brand with a scale of $1 billion. His plan is that over the next ten years, Reebok in China could expand to hundreds or even over a thousand stores, gradually growing into a business with annual sales of $1 billion.

However, the competitive landscape of China’s sports footwear and apparel market is already highly complex. Not only do international brands like Nike and Adidas hold core positions long-term, but domestic companies like Anta Sports are also rapidly rising and penetrating upward.

From the current situation, Reebok in China is still in the brand recovery stage. Currently, China’s revenue accounts for less than $100 million of Reebok’s global volume, and it faces direct competition from many domestic and international sports brands.

Reebok’s running series products (Photo source: ABG)

Jiemian News: What is Reebok’s top priority in China?

Josh Perlman: Brand rebuilding. Whether online, social media, or offline, we must integrate Reebok’s essence so that consumers can connect with the brand — this is where we are lacking.

But how to rebuild the brand? Create experiences. How to create experiences? The touchpoints between the brand and consumers must be retail — those truly cool, attractive, and service-oriented brand stores, so that consumers see and feel the brand in-store, and then use the products in sports scenarios.

They might run 5 or 10 kilometers, or play basketball with friends. They need to personally experience the brand, then use and repeatedly repurchase products. This retail approach covers online, offline, and social media touchpoints.

Reebok has partnered with F45 Training (Photo source: ABG)

Jiemian News: What are the specific retail plans?

Josh Perlman: Reebok plans to open its first flagship store in Shanghai in the second half of this year, with the location still under negotiation. We hope to open five or six stores this year, and maybe another twenty or thirty next year. Our plan over the next three years is to establish 200 stores across China. The coverage should reach 20 to 30 cities, not just a few.

Jiemian News: You previously mentioned “Big Sports.” Will you focus on certain aspects in China?

Josh Perlman: That’s a very important part of our strategy because it’s impossible to do everything at once, so priorities must be set. Reebok always has two key directions: one is performance, and the other is what we call classic styles.

In sports, since Reebok is a “Big Sports” brand, we will prioritize fitness and running, with basketball also being a significant area.

Reebok Nano series (Photo source: ABG)

Jiemian News: Now, entire floors in malls are dedicated to running shoes brands. Does Reebok still have advantages?

Josh Perlman: I am very confident in our core technology, in the materials of our shoes’ uppers, and in our colorways — after all, consumers care a lot about how products look. So, by combining technical performance with attractive design, we will find our market.

Additionally, domestic brands are also very strong. Companies like Xtep, Li Ning, and Anta are excellent — not only do they produce great products, but their packaging is also outstanding. At this stage, our task is to catch up first.

Reebok Float Zig running shoes (Photo source: ABG)

Jiemian News: Besides running, women’s business is growing faster than other sports brands.

Josh Perlman: That’s a very key point, and I believe that’s where Reebok has a real opportunity. Unlike Under Armour, which is more masculine and emphasizes strength, Reebok is more balanced and neutral overall. Because of that, we see big opportunities in the women’s market. Strategically, we will focus on women’s business as a key area.

Jiemian News: What is Reebok’s competitive edge in women’s apparel?

Josh Perlman: Take young women in China, including Gen Z — their way of expressing street fashion in a retro context is very personal. Our task is to bring Reebok’s style into that space.

Fashion trends are constantly changing, updating monthly. So, in terms of supply chain and speed, New Reebok’s product launches will be very fast, and these products can be quickly pushed to market.

Jiemian News: Are there brands you think Reebok can learn from now?

Josh Perlman: FILA is a good example. It faced big problems in China, but later Anta revived FILA in China and successfully rejuvenated it.

A brand itself has value — it has history, assets, and brand equity. The key is whether there’s a good “helmsman,” someone who can operate the brand well. The problem is often not the brand itself, but “who is running it.” Ultimately, many things come down to “doing things right,” making Reebok be itself.