Tokyo-based Itochu Corporation announced that it has reached an agreement for Reebok’s marketing and licensing rights in Japan. Reebok is owned by New York-based Authentic Brands Group (ABG). Adidas formally completed the divestiture of Reebok to ABG on Feb. 28, 2022.
Itochu will start operations via Locondo, Inc., which is also based in Tokyo, and will work closely with ABG, Locondo and their partner network to leverage a broad range of knowledge and experience in brand development, retail and e-commerce to strengthen Reebok’s presence in Japan. Itochu said it wants to achieve 20 billion yen (€150m) in Reebok retail sales within the next five years.
Itochu has positioned the expansion of its growing sports business under the textile company umbrella as one of its priority strategies. In early April, Itochu acquired a significant stake in Under Armour’s exclusive distributor for Japan, Dome Corp. With Reebok, Itochu aims to transform its business further. This is part of the company’s medium-term management plan, the “Brand-new Deal 2023.”.
Reebok is available in more than 80 countries and 255 stores worldwide.
