JOIN OUR WHATSAPP CHANNEL
Does Shaquille O’Neal Own JCPenny, Barney New York, Forever 21 and More? All About His Investments in Authentic Brands Group
Shaquille O’Neal has transformed into a key investor, driving success for major brands like Reebok, JCPenney, & Forever 21 through strategic partnerships and innovative business ventures.
Shaquille O’Neal is a name that echoes through NBA history. The GOAT is known for his dominance on the basketball court. Yet, beyond the slam dunks and championships, there lies another side to Shaq.
He is an astute businessman. His journey into the business world began in 2015, a path that would lead him to become the second-largest individual shareholder of Authentic Brands Group (ABG). It’s a company that owns major brands and retailers like Forever 21, Barneys New York, JCPenney, and Reebok.
The Strategic Partnership with Authentic Brands Group
Shaq’s business venture started when ABG acquired the rights to his name brand. This deal was more than just a transaction; it was a strategic move that would shape his future. One day, as ABG CEO Jamie Salter recounts, Shaq was about to close the deal to sign away half of his brand proceeds to ABG.
In a surprising twist, he turned to Salter and said, “You know all that money you’re going to give me? I’d like to invest it in ABG.” Salter was taken aback, needing clarification. Shaq explained, “I’m doing a deal with you to sell you 50% of everything I have going on for the rest of my life. Do you think I trust you?”
When Salter replied affirmatively, Shaq made it clear, “Why wouldn’t I be partners with you? We’re going to build this company together.” This pivotal decision turned Shaq into a significant shareholder, solidifying his role in ABG.
Their partnership, described by Salter as a “marriage,” was built on mutual trust and shared vision. Over the years, this relationship has thrived, with both sides taking risks that have paid off handsomely. “If someone says, would you stand in front of a freight train for Shaquille O’Neal, the answer is yes because he’s a real partner,” Salter said.
“I don’t believe that ABG would be where we are today without Shaq, and I don’t believe that Shaquille O’Neal would be where he is today without ABG,” he added with emotion.
Expanding Influence with Reebok and Beyond
Shaq’s influence at ABG extends far beyond his shares. He has been instrumental in many key acquisitions and strategic decisions. One of his notable contributions was advocating for the acquisition of Reebok.
Shaq, who had a long history with Reebok, believed in its potential and urged Salter to make a competitive offer to Adidas. “Being that I’m partners with [Jamie]—the brand master and reviver, the guy who works magic. He told him, ‘I think you should get Reebok.’ He never said no. And then one day, he said, ‘I got a big surprise for you. I’m going to send you something. I want you to sign it. Don’t look at it, just sign it.’ So I signed it.”
Recently, ABG appointed Shaq as the president of Reebok Basketball. This role is not just a title but a commitment. Shaq will lead the brand’s basketball category strategy and forge partnerships with athletes and organizations.
His goal is to return Reebok to its former glory in the sport. This move is part of ABG’s long-term strategy to establish a strong presence in team sports and focus on Reebok’s commitment to performance basketball.
You May Like This
Latest Articles
