线下门店几乎“归零”，时隔四年锐步中国代理商再“换血”

Core Viewpoint - The article discusses the challenges faced by Reebok in the Chinese market, highlighting the brand's declining performance and the recent change in its core operational partner from Hong Kong Lianya Group to New锐运动 (Shanghai) Co., Ltd. This shift reflects the broader struggles of international second-tier sports brands in China as market concentration increases and leading brands gain more advantages [3][11]. Group 1: Reebok's Historical Performance - Reebok once thrived in the 1990s, competing with Nike and Adidas, but began to decline in the new millennium. In 2006, Adidas acquired Reebok for $3.8 billion, initially boosting Adidas's performance, but later, Reebok struggled with strategic inconsistencies and a blurred brand identity [5][6]. - In 2022, Adidas sold Reebok to Authentic Brands Group (ABG) for $2.5 billion, with Reebok's revenue in the 2020 fiscal year reported at €1.409 billion [5][6]. Group 2: Recent Developments and Financial Performance - After ABG took over, Reebok's operations in China were handed to Hong Kong Lianya Group, which had previously managed other ABG brands. However, Reebok's performance under Lianya was disappointing, with a net loss of HKD 49 million in 2023 and a 19% revenue decline in 2024 [7][8]. - By the end of 2025, Lianya announced the early termination of its franchise agreement for Reebok in China, indicating a strategic shift due to ongoing losses and declining revenues [8][10]. Group 3: Market Dynamics and Brand Positioning - The article emphasizes that Reebok's struggles are indicative of the broader challenges faced by international second-tier brands in a rapidly evolving Chinese sports market, where local brands like Li Ning and Anta are gaining ground [11][12]. - Reebok's unclear brand positioning and lack of innovative product design have contributed to its marginalization in the market, as it fails to compete effectively with both high-end international brands and cost-effective local brands [11][12]. - The new operational partner, New锐运动, is tasked with revitalizing Reebok's presence in China, but the success of this transition remains uncertain [12].