Shaq and Allen Iverson Join Reebok Leadership

Welcome back to FN Daily, where we break down the biggest stories happening in footwear and retail.

Reebok appointed a new pair of celebrity executives to its basketball team and footwear prices increased in September. Plus, we take a look at FDRA’s Seasonal Forecast.

Here's what you need to know.

NBA Icons Unite at Reebok: Brand Names Shaquille O’Neal President of Basketball, Allen Iverson as Vice President

NBA icon Shaquille O’Neal was instrumental in the Authentic Brands Group acquisition of Reebok in August 2021. Now, the basketball legend has been tapped to lead the athletic brand’s reemergence in the sport he knows best.

After playfully teasing the news on his personal Instagram account, the brand announced today that O’Neal — the second-largest individual shareholder of Authentic — has been appointed to the newly created position president of Reebok Basketball position.

In this role, O’Neal — who signed with Reebok in 1992 and wore iconic signature shoes, such as the Shaq Attaq and Shaqnosis — will be tasked with leading the brand’s basketball category strategy and cultivating partnerships with athletes and organizations, with a goal of returning to dominance in the sport.

Reebok also named NBA great Allen Iverson the VP of Reebok Basketball. In this role, Reebok said Iverson — who signed a deal with the brand ahead of his rookie season in 1996 — will “drive player recruitment, grassroots and community-based initiatives and athlete activations,” such as the Iverson Classic high school basketball showcase.

Why now? This move is part of Authentic’s long-term strategy to become a major player in team sport and focus on Reebok’s commitment to performance basketball.

Footwear Prices Rise at Fastest Rate in 5 Months

Footwear prices rose at the fastest rate in five months in September as inflation persisted across the broader consumer sector.

According to the U.S. Bureau of Labor Statistics’ latest Consumer Price Index (CPI), consumer prices in September increased 0.4 percent from the prior month and 3.7 percent from the same time last year.

When it comes to footwear, data from Footwear Distributors and Retailers of America (FDRA) showed the following:

• Retail shoe prices rose 0.6 percent in September, the fastest rate in five months
• Women’s footwear was up 2.1 percent
• Kid’s was up 1.1 percent
• Men’s footwear prices were down 1 percent

Amazon Could Lose Share Among Holiday Shoe Shoppers + Other Predictions From FDRA’s Seasonal Forecast

Retailers have been pulling out all the stops this month to encourage consumers to start their holiday shopping in advance. Walmart and Kohl’s, for instance, kicked off multi-day promotional events on Oct. 9, and Amazon wrapped up its second Prime Day of the year yesterday.

Are these “big deal” days enough to get shoppers to spend early? According to a new survey from the Footwear Distributors and Retailers of America (FDRA) and FFANY, probably not. The organizations released on Wednesday their 2023 Holiday Shoe Sales Forecast, which is a nationwide survey of consumers who are likely or somewhat likely to buy shoes during the season. The study was conducted by Emerson College Polling.

When asked when they plan to make their holiday footwear purchases, more than half of the respondents (53 percent) said they’ll shop over the post-Thanksgiving weekend, from Black Friday to Cyber Monday. Meanwhile, 31 percent will shop before Thanksgiving, and 15 percent plan to make their purchases “sometime in December.”

Read more insights from the survey, here.

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