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Foot Locker and adidas announced a new partnership that will establish Foot Locker as the lead partner for adidas in the basketball category, accelerate energy and hype launches, as well as include the development and expansion of key franchises across women's, kids, and apparel. The partnership will target over $2 billion in retail sales by 2025, nearly tripling levels from 2021. In 2022, adidas expects to generate incremental revenues of up to €100 million as a result of the new partnership.
"We are delighted to be deepening our partnership with Foot Locker as we continue to execute our 'Own the Game' strategy," said adidas CEO Kasper Rorsted. "Consumers will be at the heart of this exciting collaboration and will be able to experience the adidas brand and its key product franchises, as well as new product innovations, at Foot Locker, stronger than ever before."
Said Richard A. Johnson, Chairman and Chief Executive Officer of Foot Locker, Inc., "This close partnership will enable us to bring consumers even more unique, pinnacle products from iconic brands, as well as accelerate our push into apparel, adding new dimension to our assortment and bringing more customers into our ecosystem."
Foot Locker will lead adidas' basketball offering, spanning the lifestyle and performance categories, and develop exclusive positions in both areas. In addition, the collaboration will focus on the adidas influencer partnership portfolio. It will also include a prominent role for Foot Locker in the launch of adidas' new Sportswear product division targeting the lifestyle consumer.
adidas will provide Foot Locker with a dedicated team to deliver an elevated consumer experience both in stores and online. This will involve partnership on product development, exclusive Foot Locker positioning, increased product allocations, shared marketing spend, and an elevated premium presence across Foot Locker's entire portfolio of banners. Lastly, to provide consumers with a seamless consumer journey, on and offline, both partners will increase their digital focus and accelerate the rollout of the adidas partner program at Foot Locker.
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