E5 | Sir Joe Foster: Building Reebok from zero to the #1 sports brand and $4 billion sales
Description
Sir Joseph Foster is one of the world's foremost entrepreneurs and built Reebok from scratch to a $4 billion company. During the aerobics and running craze, Reebok was the #1 sportswear and shoe brand in the US and the world. In this episode, we cover how Reebok grew from almost zero to $1 billion in just five years, what made them successful and the constant barriers and hurdles Joe had to overcome over several decades. This is an incredible story of the grit and dedication to build a truly world-leading brand.
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Joe: http://instagram.com/reebokthefounder
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Topics:
00:00 Intro
02:37 An 87 year old's traveling schedule
04:59 Growing up during WW2
07:11 Joe's grandfather's shoemaking legacy
10:22 The world's first influencers (in 1920)
13:06 Supplying Premier League clubs and Olympians with shoes
17:04 The birth of Reebok
22:20 Joe's father's sad moment
25:50 The story behind the name Reebok
32:50 The struggle
35:26 Threats from Adidas
37:01 American Express Platinum
38:05 Sidejobs and sacrifices
41:50 Competing with Adidas and finding a new business model
44:40 11 years and 6 failures of entering America
49:15 Competing with Nike and Phil Knight
58:53 Dealing with rejection over several decades
01:04:20 Aerobics taking Reebok to $1 billion in less than 5 years
01:07:37 Keeping up operationally with $1 billion in demand
01:09:19 Joe's personal life during the years of crazy growth
01:11:18 Taking a step back from your life's work
01:15:49 Seeing the false story about how Reebok began
01:17:51 Reebok’s future and going from $5 to $10 billion in retail
01:21:17 Have the sacrifices been worth it?
01:23:38 Joe's confessions
01:25:10 Advice to others with long-time struggling
01:27:25 Starting without any money
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