Reebok hires new CEO to head post-Adidas strategy

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diving letter:

  • About six months after the Authentic Brands Group completed the acquisition of Reebokhas the company called a new manager for the brand. todd Krinskya 30-year Reebok veteran, takes over the top spot from current President and CEO Matt O’Toole.
  • O’Toole will transition to a role as executive vice chairman of parent company Authentic Brands in January. According to a company press release, Krinsky has been a member of the Reebok executive team for more than a decade and most recently served as senior vice president of the Reebok Design Group. which oversees product design, development and innovation.
  • O’Toole has led Reebok for 15 years and in his new role will continue to work on the brand’s global expansion and focus on a broader strategy and new acquisitions for Authentic Brands.

Dive insight:

Reebok may be swapping CEOs, but the appointment doesn’t bring much new to the brand. Krinsky has worked at Reebok since the early 1990s, when Reebok was still competitive with sports giants Adidas and Nike. As CEO, it seems his dictate to stay the course charted by O’Toole and his new owner.

“I am confident that under his leadership, the Unleashed strategy is poised for continued success and will propel Reebok’s global growth,” O’Toole said in a statement about Krinsky.

According to Authentic Brands, the post-Adidas strategy is already showing significant results. These include a 40% gain in U.S. market share and “unprecedented global growth,” the company said in its press release. The new strategy emphasizes Reebok’s most iconic styles and focuses on the brand’s athletic roots. Krinsky himself has spearheaded the growth of the company’s classics business, which the company says has “showed consistent growth worldwide for over a decade.”

In addition to appointing Krinsky as CEO, the Sparc Group — which heads Reebok’s US business — announced two more executive promotions, the appointment of Erika Swan as Senior Vice President of Global Operations and Sourcing at Reebok Design Group and John Moore as Senior Vice President of US Commercial Market.

“Preserving Reebok’s core values ​​has been a key focus in strengthening the brand’s senior leadership team,” said Marc Miller, CEO of Sparc Group, in a statement. “Todd is a product visionary who brings tremendous credibility to the sports industry and we are confident that he will lead Reebok’s next wave of expansion.”

Reebok struggled to grow under Adidas as the brands competed directly with each other. According to analysts, Reebok was kept from selling in some areas where Adidas was doing well, including sales of retro products. Now that the brand is no longer nested under the sports powerhouse, it has more flexibility in its strategy.

Earlier this year, O’Toole told Retail Dive the company’s priority is increasing market share in its current stores, but he noted that expansion is possible in the future. That could include basketball, in which O’Toole believes the brand has a “rightful position.” The brand used to be a major player in this category, with brand ambassadors in basketball stars Allen Iverson and Shaquille O’Neal.

“Expect a lot of the things that have made Reebok successful in the past,” O’Toole said at the time.

Earlier in the year, some of the brand’s efforts were already gaining momentum, according to the NPD Group. Reebok sales in the US footwear market 60% increase in 2021and Matt Powell, senior industry advisor for sports at the NPD Group, said in May that the brand is one of the “hottest around”.

“The guard rails, shall we call them, that Adidas put up around what Reebok could and couldn’t make have been torn down,” Powell said. “So today, Reebok can really do whatever they want.”

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