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The owner of Reebok has announced a change in the company’s core operating partner in China, nearly four years after appointing Tristate Holdings. Xinrui Sports Shanghai will now oversee production, imports, distribution, and sales across mainland China, Hong Kong, and Macau. This includes footwear and apparel for both adults and children, according to a statement released on March 6.
Established in 2025, Xinrui Sports is controlled by Shanghai Xinrun Investment Management, which holds an 80% stake in the company. Its business operations encompass technical services and retailing clothing.
In 2022, Adidas sold Reebok to a private equity firm for $2.5 billion. In fiscal year 2020, Reebok recorded annual revenues of about €1.4 billion (roughly $1.6 billion).
Reebok has faced challenges in the Chinese market in recent years. In China’s top-tier cities, the brand has only one store in Shanghai and an outlet in Guangzhou. Its online presence includes flagship stores on Taobao and JD.com, where shoes are sold for less than 500 CNY (approximately $72).
The company has not yet disclosed its financial results for 2025, but Tristate, based in Hong Kong, reported a net loss of HKD 62 million (around $7.9 million) for Reebok in 2023 and 2024.
Industry insiders cited to Yicai that Reebok’s difficulties in China stem from strategic missteps and market dynamics. A significant problem is the brand’s unclear positioning. Its product designs lack innovation and suffer from excessive similarity, making it hard to meet customers’ increasingly diverse needs.
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