I had a great discussion on a live broadcast with Joe Foster, the Founder of Reebok, pulling back the curtains on the strategic decisions and chance opportunities that propelled Reebok from a $9-million company to a $900-million empire – pivotal moments such as the shift towards the American market, the evolution from running shoes to aerobic footwear, and the serendipitous endorsement that put Reebok on the world stage.
Ultimately, this episode provides a profound understanding of the entrepreneurial spirit that echoes throughout Reebok’s journey.
Listen to the full discussion here:
Connect with the Guest:
Joe founded Reebok in 1958 with his late brother Jeff, following their family heritage back to 1895. Joe’s Grandfather, also Joseph W Foster, pioneered the spiked running shoe and famously made shoes for the world’s best athletes of the early 20th century, with World records and Olympic gold Medals.
Wearing (pumps) made by J W Foster & Sons Ltd, Harold Abrahams, and Eric Liddell won Olympic Gold Medals in the 1928 Paris Olympics and were immortalized in the film ‘Chariots of Fire’.
With Reebok, they followed in his footsteps, with Olympic, Commonwealth, and European medals and World record-breaking performances, represented now by the range of Reebok Classics.
Questions I Asked:
- What is the origin story of how Reebok was started? (And why you picked the name Reebok?)
- What were the inflection points in growing the business? Especially at the hyper growth stage from 9 to 900 million revenue?
- What challenges did you face in communicating with potential distributors due to the distance and limited communication methods?
- How did you keep up with the growth demands, especially in manufacturing and production?
- How did you build and maintain the company culture as Reebok expanded globally?
- If you were to start all over again today, what would you do?
Show notes:
- [1:57] What were the key factors or turning points that triggered the remarkable growth of your company from $9 million in revenue to $900 million within just four years?
- [7:19] Back to the roots with that learning that all good things take time, and overnight success takes 20 years. Tell us a little bit about how it began.
- [7:34] Could you delve into the origin story of your company, particularly the challenges you faced with family dynamics, including a dispute with your father and the need to resign from the family business?
- [16:31] In the time that you were leading together with your brother, were there certain examples, stories, right people in the right place, hiring, you know, also mistakes, also wins, that you can share with us that really made a lot of difference, a lot of impact in that crazy growth?
- [25:02] How did you and your brother manage to keep up with the demands of growth, especially in manufacturing and production? Can you share some stories about how you adapted your manufacturing processes and factories, including the takeover of Korean factories that Nike had stopped using?
- [34:34] How did you build and maintain the company culture as you expand globally? Can you share some insights into how you established healthy communication channels, especially as you grew to include locations in the UK and the US?
- [38:36] If you were to hypothetically start a business today, given the rapid changes and advancements in technology and the current pace of the world, what ideas or perspectives would you consider?
- [43:12] How do you see things developing, and how do you envision Reebok in the next couple of months and years ahead?
Quotes from the Episode:
About the Host:
Some very insightful nuggets in this episode with Joe Foster, and I hope this inspires all entrepreneurs and leaders listening to it. I am your host, Radu Palamariu, Managing Director of Alcott Global for APAC and Europe, working on C-level and top management executive search assignments with Top Fortune 500 companies and local conglomerates in value chains for manufacturing, logistics, transportation, supply chain management, and e-commerce and also the co-author of “From Source to Sold – Stories of Leadership in Supply Chain”.
Alcott Global provides Executive Search Solutions for key positions at all pillars of the end-to-end value chain: planning, procurement, manufacturing, logistics, e-commerce, and overall supply chain operations.
In our Makers & Movers face-to-face events, we bring together value chain executives to connect, collaborate, and innovate – a forum focused on business value creation.
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#179: What Makes the Beauty Supply Chain Beautiful
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#181: Think Remarkable, Don’t Follow Your Passion, and Leadership
