Adidas, Foot Locker enter strategic partnership
They target retail sales to exceed $2b by 2025 under the partnership.
Adidas AG and New York-based specialty athletic retailer Foot Locker announced a strategic partnership that aims to reach retail sales of over $2b by 2025.
Under the partnership, Foot Locker will be the lead partner for Adidas in the basketball category, accelerate energy and hype launches, and the development and expansion of key franchises in the women’s, kids', and apparel categories.
Adidas said in the statement that including Foot Locker banners in North America, Europe, Middle East and Africa, and Asia-Pacific, they target to hit over $2b in retail sales by 2025, nearly tripling from 2021.
It added that it expects to generate additional revenues of up to $103.96 (€100m) this year following the partnership.
“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,” Adidas CEO Kasper Rorsted said.
According to Adidas, Foot Locker will lead its basketball offering, led by Fear of God founder and designer Jerry Lorenzo, including the lifestyle and performance categories, and will develop exclusive positions in both areas.
The collaboration will focus on key Originals franchises including NMD, Superstar and Stan Smith, and on the Adidas influencer partnership portfolio. Foot Locker will also hold a prominent role in the launch of Adidas's new Sportswear product division targeting the lifestyle consumer.
The two companies will partner on product development, exclusive Foot Locker positioning, increased allocations, shared marketing spend, and an elevated premium presence in Foot Locker’s entire portfolio banners.
Adidas and Foot Locker will also increase their digital focus and accelerate their partner program to provide their customers with a “seamless consumer journey,” both online and offline.
$1 = €0.96