On Thursday, the brand management firm said it has an agreement with AI Boom Marine as Reebok’s operating partner for the Gulf Cooperation Council (GCC) and the Middle East and North Africa (MENA) region. The GCC is a political and economic alliance of six Middle Eastern countries: Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain and Oman. The Middle East countries included in the agreement are Iraq and Lebanon, while those in North Africa include Algeria, Egypt and Morocco.
“Our partnership with Al Boom Marine cements our strategic plan to expand Reebok’s presence in the Middle East and North Africa region,” Corey Salter, ABG’s chief operating officer, said. “Together we will enhance Reebok’s strong appeal with a core and growing consumer base and drive brand growth in this important market.”
“This year Al Boom Marine turns 35 and we are pleased to celebrate this milestone by adding Reebok to our growing brand portfolio,” Leonard Erlank, AI Boom Marine’s chief operating officer, said. “Our company is experiencing rapid growth and we are proud to align with ABG who has chosen to partner with us on this incredible athletic lifestyle brand.”
The agreement is effective on the day ownership of the Reebok brand is transferred to ABG from Adidas. The deal is slated to close in the first quarter of 2022. The agreement includes footwear for men, women and kids, as well as activewear and sportswear for men and women.
AI Boom Marine is a premium operator of over 40 global brands, 60 retail stores and 33-plus active wholesale accounts across the GCC and the MENA region. It’s specialties are in lifestyle products that include footwear, eyewear, apparel and accessories. The company will work closely with Reebok Design Group for product design, development and creative direction. The company is part of the Scope Investment portfolio.
“We at Scope Investment are delighted to announce that our retail and distribution business, Al Boom Marine, strikes yet another strategic alliance. The latest association between Al Boom Marine and ABG certainly sets the ground for Reebok to reach its full potential in the MENA region,” Fareed Bilbeisi, Scope’s CEO, said. “At Scope Investment we are constantly seeking to create value for our businesses, support them in achieving growth, and believe in long-term partnership with international brands.”
ABG has steadily amassed an operating roadmap for Reebok. Sparc Group, a joint venture between ABG and mall giant Simon Property Group, will take the lead on Reebok’s operations, with additional partners tapped to build out Greater China and India. JD Sports Fashion plc also inked a strategic deal to carry the brand.
Adidas acquired Reebok in 2006 for $3.8 billion.