Itochu acquires marketing, license rights to Reebok in Japan
Itochu will start its business via Locondo, Inc., which is headquartered in Shibuya-ku, Tokyo and led by Yusuke Tanaka, president and chief executive officer.
As part of the agreement, Itochu will work closely with ABG, Locondo and its partner network, to leverage a wide range of knowledge and expertise in brand development, retail and e-commerce, in order to enhance Reebok’s presence in Japan.
Moreover, through expansion of the Reebok brand, Itochu will promote business transformation by prioritizing consumer needs and by offering premium high-demand products. Together, they aim to achieve sales of 20 billion yen at retail within the next five years.
Reebok established its dominant presence in professional basketball, American football, baseball and soccer in the 1990s. It has since established a number of long-term partnerships with first-class athletes throughout the years helping shape its performance lines. Today, the brand is available in over 80 countries and 255 stores worldwide.
Itochu is the top shareholder in Japanese sportswear maker Descente and has licensing deals with multiple other apparel brands including Under Armour. The move follows Itochu’s expansion of its steadily growing sports-related business.
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