Word: reeboked
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...Reebok's woes began under the new cast of professional managers; there were five presidents in a decade. In an effort to broaden its customer base, Reebok in 1992 ventured out from its core recreational-fitness customers to make sneakers in more competitive sports categories like baseball, basketball and soccer, where such rivals as Nike, Adidas and New Balance were already slugging it out. "Women started feeling like we had lost track of them," says David Perdue, who was brought in by Fireman this year to run Reebok's main lines of business, sneakers and apparel. "And kids too found...
...anymore. Back in December 1999, Fireman--who with his wife Phyllis owns about a 20% stake in Reebok--won the board's approval for a turnaround plan. At the heart of his strategy was a return to the company's roots--sharp, provocative design. In addition, he began pushing innovation from his engineers. They came up with Reebok's DMX technology, a sole containing numerous air channels for cushioned comfort, and Traxtar, a line of shoes for kids that contain built-in computer chips and motion sensors that measure the wearer's running speed and jumping height. "Most people...
...course, Fireman knows that gizmos won't bring down Nike-- unless Reebok has a lot of well-marketed attitude to go with them. He calls this "the Cool Factor"--the mysterious marketing mojo that powers the $11 billion athletic-footwear market. That's where Iverson comes in, with his tattoos, corn-rowed hair and 'hood bravado. Allen is indispensably cool, which is why, a few months ago, when Reebok was the object of shrill protests over the obviously homophobic, misogynist lyrics in the basketball star's debut rap song, Fireman stood by his man. "I didn't agree with...
...attitude won't be enough to down Nike. Fireman's longtime rival Phil Knight still sits atop a company that commands a market share more than triple Reebok's. And his troops declare that they turned down deals with the NFL and NBA because the licensing business has never been--and never will be--profitable. Instead, Nike's path to the future has shifted from building brand awareness (it hardly needs that now) to gaining a stronger foothold in growth markets like soccer and golf. Adam Helfant, Nike's global sports marketing director, estimates that $50 million in annual revenues...
...Reebok's big-league deals will really start paying off in three years through a heightened profile among youth, about the time that Michael Jordan will have to hang up his high-tops for good. "You don't get cool by writing checks," says Fireman. The Reebok chief is counting on his big-league deals and projects like Diamond, a kind of high-end designer boutique within Reebok that aims to develop the trendsetting sneakers and street fashion of tomorrow. This time around, Paul Fireman's state of rebellion may be here to stay for a while...