US-based brand management firm Authentic Brands Group (ABG) has partnered with former England footballer David Beckham to ‘build the future’ of Beckham’s brand.
As part of this strategic partnership, ABG will co-own and manage the David Beckham global brand.
The financial terms of the agreement are not disclosed, but a source said that ABG paid around $269m for a 55% stake in the footballer’s venture.
The partnership is in line with ABG’s global strategy to strengthen its corporate presence and drive its growth in key territories, including Europe, the Middle East, Africa and the Asia-Pacific region.
The company will become the largest shareholder in Studio 99, a content product firm that Beckham co-founded in 2019.
ABG founder, chairman and CEO Jamie Salter said: “We are thrilled to welcome David Beckham to ABG’s esteemed entertainment division and even further honoured to call him an ABG shareholder.
“David is a superstar talent with an incredible global brand reach and a highly influential presence.
“David and his team have built an enterprise that spans sports, entertainment, lifestyle and luxury, and we see significant opportunities to scale his brand and expand it into new verticals.”
The partnership comes after ABG withdrew its plans to make an initial public offering for the business in the US last month.
As part of the deal, Beckham has become a shareholder in ABG.
ABG also plans to open its European headquarters in London, where it will house the David Beckham team.
Beckham said: “Our shared vision makes ABG the ideal strategic partner to help unlock the full potential of my brand and business.
“I’m incredibly grateful for the support I have received in my business career and proud of what our team has achieved. I’m excited for the next chapter.”
Other brands owned by ABG include Forever 21 and Barneys New York.