Authentic Brands Wants to Offer Reebok NFTs, Crypto Payments

Reebok owner Authentic Brands plans to expand its clothing offerings and add NFT and cryptocurrency payments in an effort to bolster the sneaker company following its $2.5 billion purchase last year.

As Bloomberg News reported Tuesday (March 1), Authentic said it has signed roughly 12 distribution partners in more than 80 countries, including Foot Locker, Farfetch Ltd.’s New Guards Group and luxury goods maker Falic Group.

Authentic CEO Jamie Salter said he expects Reebok — his company’s largest purchase to date — to surpass $5 billion in global retail sales next year, up from about $4 billion currently.

Learn more: Adidas To Sell Reebok To Authentic Brands For $2.5B

“You’ve got to pay attention to the brand, and we’re going to pay attention to the brand,” he said in an interview Monday.

Company executives say Authentic plans to fuel this growth by forming new partnerships, adding more apparel and expanding in markets such as China, South Korea and Latin America.

Reebok joins more than 30 brands owned by Authentic, such as Sports Illustrated, Brooks Brothers and Eddie Bauer, meaning more chances for collaborations.

“Will you see Reebok Club Cs, which go great with an athletic tuxedo, in a Brooks Brothers store? Yes, you will,” Authentic President Nick Woodhouse said.

He and Salter said the Reebok NFTs and crypto payment acceptance should arrive this year.

Read more: Authentic Brands to Buy Majority Stake in DB Ventures

Authentic brands began this year announcing it would spend $266 million to purchase a 55% stake the brand management company in David Beckham’s DB Ventures.

The deal allows Authentic Brands to garner revenue from soccer superstar Beckham, who retired in 2013 and has spent the time since then doing things like promoting Tudor watches and other brands. Beckham’s company is also responsible for the rights of stars like Elvis Presley and Shaquille O’Neal, who is also a major investor in Authentic Brands.

Authentic Brands filed to go public last year but shelved that plan after agreeing in November to sell a 25% stake to CVC Capital Partners and HPS Investment Partners.