Adidas AG and Foot Locker, Inc. announced a new partnership built around product, elevated and deeper consumer connectivity. This makes Foot Locker Adidas its lead partner in the basketball category.
The also includes developing and expanding key franchises in women’s, kids and apparel, including all Foot Locker banners in North America, EMEA and the Asia-Pacific, targeting over $2 billion in retail sales by 2025, which would nearly triple sales from 2021.
In 2022, Adidas expects to generate incremental revenues of up to €100 million as a result of the deal.
“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.”
“We are excited to build on our partnership with Adidas as we continue our strategy to broaden our selection of footwear and apparel for the sport and sneaker communities,” said Richard A. Johnson, chairman and CEO, 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 a new dimension to our assortment and bringing more customers into our ecosystem.”
Foot Locker will lead Adidas’ basketball offering, led by Fear of God founder and designer Jerry Lorenzo, spanning the lifestyle and performance categories, and develop exclusive positions in both areas.
The collaboration will also focus on Originals franchises including NMD, Superstar and Stan Smith, and on the Adidas influencer partnership portfolio. It also includes a prominent role for Foot Locker in the launch of Adidas’ new Sportswear product division targeting the lifestyle consumer.
To execute the plan, Adidas will provide Foot Locker with a dedicated team to deliver an elevated consumer experience in stores and online, involving partnership on product development, exclusive Foot Locker positioning, increased product allocations, shared marketing spend, and an elevated premium presence across Foot Locker’s portfolio of banners with a focus on key cities and communities that the companies jointly serve. Lastly, both companies will increase their digital focus and accelerate the rollout of the Adidas partner program at Foot Locker.
Photo courtesy Adidas
