Has Soccer Made Herbalife Unbeatable?

Its ties to athletes have blunted Bill Ackman’s campaign against it.

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By Matthew Townsend

April 21, 2016 at 9:00 PM UTC

This article is for subscribers only.

This article is part of the April 25, 2016 issue of businessweek.

When Herbalife celebrated its 35th anniversary last year at the Los Angeles Convention Center, the company surprised the crowd by having a video chat on a giant screen with Real Madrid star Cristiano Ronaldo. “Hello, Herbalife,” said one of soccer’s biggest names, giving a wave that elicited a roar from the audience. “I want to wish you all the best and congratulations. I think it’s unbelievable.”

Ronaldo, who’s been a paid endorser of Herbalife since 2013, is key to Chief Executive Officer Michael Johnson’s strategy to maintain growth and beat back allegations that the company is a pyramid scheme. Johnson aims to transform the multilevel marketing company focused on weight-loss products into a global sports-performance brand—with energy drinks, Ronaldo-branded supplements, and a leaf-shaped logo he hopes will become as recognizable as Nike’s swoosh. Herbalife declined to comment for this story.