New Guards Group’s Newly Formed Division NGG++ Will Operate Reebok Licenses
MIAN, ITALY — Today (May 3, 2023), online fashion retailer Farfetch announced that it is launching its European partnership with Boston-based athletic footwear and apparel company Reebok, following the agreement last year with the brand’s owner, Authentic Brands Group.
New Guards Group, the Italian holding company founded in Milan by Claudio Antonioli, Davide de Giglio, and Marcelo Burlon, operates a portfolio of brands including County of Milan, Palm Angels, Unravel Project, Alanui, A Plan Application, Heron Preston, Kirin Peggy Gou, Ambush and There Was One has created a new division, NGG++, now home to Reebok as its operating partner in Europe. Reebok’s luxury collections and collaborations developed by NGG++, instead, will be distributed globally.
New Guards Group is also the licensee of Off-White.
Cristiano Fagnani has been promoted to chief executive officer of NGG++. Fagnani joined New Guards Group in January 2020 as chief marketing officer and is a Nike veteran for two decades.
While it will have a focus on Reebok, the division is expected to accelerate business growth of all New Guards Group brands, and potentially outside brands looking to expand into the sportswear and sneaker business.
NGG++ is taking on the Reebok-branded retail stores and e-commerce operations and will drive wholesale distribution for footwear, sportswear and activewear for men, women and children.
It is conceived to create opportunities for Reebok through luxury collaborations and new high-end product designed in Milan and produced in Italy.
In 2o21, Adidas sold Reebok to Authentic Brands Group for $2.5 billion (see it here), and NGG owner Farfetch Ltd. inked a deal that would make it the core operating partner for Reebok across Europe. Farfetch also secured global rights to make a premium line for Reebok of apparel and sneakers and collaborations.
“We are delighted to be working with Authentic to reboot such a beloved heritage brand,” said José Neves, Farfetch founder, chairman and CEO. “Reebok has great potential to expand into the luxury space, reigniting its loyal customer base and capturing the imagination of a new luxury global audience.”
Neves praised the “astute and energetic guidance” of Fagnani and his team, touting that “this partnership will unlock huge value for the brand and for Farfetch. Launching the partnership with Reebok is an important execution milestone in Farfetch’s plans for 2023.”
Together, NGG++ and the Farfetch Platform Solutions teams “have ensured Reebok’s wholesale and e-commerce operations are up and running on time and on budget. We look forward to delivering on further milestones for Reebok throughout our partnership,” concluded Neves.
Farfetch is expecting the brand to add $250 million to $300 million in business this year.
“Helping streetwear brands evolve into new luxury and lifestyle houses is part of our core skill set,” said De Giglio, CEO of NGG. In addition to generating significant revenues, “this partnership will help us further support our existing brands and nurture new talent.…Under Cristiano, NGG++ will create something unexpected, inspirational and profitable, while also promoting diversity, inclusion and sustainability.”
Todd Krinsky, CEO of Reebok, said he has been “incredibly impressed with the energy, passion and opportunities” the NGG and Farfetch teams “have already brought to the table. Our concept sneakers with Botter x HP that debuted at Paris Fashion Week earlier this year were a great indicator of all that’s to come and we can’t wait to be able to introduce more game-changing collaborations and innovations that will further Reebok’s global appeal and elevate the brand’s legacy.”
Photos Credit: Courtesy of NGG++