Retail and leisure conglomerate Genuine Manufacturers Group introduced Thursday it has entered right into a partnership to co-own and oversee David Beckham’s international model.
Genuine Manufacturers declined to reveal monetary phrases of the deal. An individual acquainted with the transaction stated the corporate paid about $269 million for a 55% stake within the soccer star’s DB Ventures.
As a part of the deal, Beckham will develop into a shareholder in Genuine Manufacturers, which owns retailers akin to Without end 21 and Barneys New York, and the rights to iconic stars together with Elvis Presley and Shaquille O’Neal, who can also be a significant investor.
The transaction will permit Genuine Manufacturers to open its European headquarters in Beckham’s present London places of work, the corporate stated.
David Beckham seems at an occasion in Singapore.
Suhaimi Abdullah | Getty Photographs
Genuine Manufacturers additionally stated it’s now the biggest shareholder in Studio 99, a manufacturing firm Beckham co-founded in 2019.
“David and his crew have constructed an enterprise that spans sports activities, leisure, life-style and luxurious, and we see vital alternatives to scale his model and increase it into new verticals,” stated Jamie Salter, founder, chairman and CEO of Genuine Manufacturers.
DB Ventures at the moment manages Beckham’s endorsement offers with firms together with Tudor watches and whisky label Haig.
Genuine Manufacturers shelved its plans to go public after it agreed in November to sell a 25% stake to private equity firm CVC Capital Partners and hedge fund HPS Investment Partners. The deal gave the corporate an enterprise worth of $12.7 billion.
Genuine Manufacturers is also within the strategy of acquiring sneaker label Reebok from Adidas for about $2.5 billion. That deal is anticipated to shut within the first quarter of this 12 months.