Authentic Brands Group has replaced Reebok’s operating partner in mainland China, Hong Kong, and Macau, switching from Tristate Holdings to Xinrui Sports (新锐运动). Tristate, which took over in May 2022, terminated its Reebok franchise agreement in December 2025 following prolonged poor performance. Revenue declines accelerated to 21% in H1 2025, with the store count peaking at 36 in mid-2024 before closures, leaving just one Reebok and Nautica multi-brand store in Shanghai. Globally, Reebok’s after-tax profit grew from $164 million in 2023 to $180 million in 2024.

Related reading: Machine-A, Reebok’s love letter to China’s LGBT+ community