Sneakerheads—consumers who covet and purchase many different sneakers and are constantly searching for the latest, limited-edition pair of kicks—should help the already lucrative sneaker resale market hit $6 billion by 2025, according to a recent study from Cowen. “Sneakers As An Alternative Asset Class” estimates that the sneaker resale market in North America is about $2 billion and rapidly growing.
Category: Footwear
Adidas Extends Eastern Illinois Sponsorship
Eastern Illinois University agreed to a new five-year apparel contract with Adidas that runs through 2024.
Cherokee Global Brands Sees Double-Digit Q4 Growth For Hi-Tec
Cherokee Global Brands reported sales declined 11 percent in the fourth quarter due to a shift from direct-to-retail (DTR) through a wholesale licensing model. A bright spot, however, was the Hi-Tec brand, which delivered a 12 percent gain in revenues year-over-year.
Adidas Extends Kansas Deal Through 2031
The University of Kansas and Adidas announced the extension of their footwear and apparel agreement through 2031. The university said the deal is one of the largest apparel partnerships in college athletics.
Rocky Brands Inc. Ramps Up Reinvestment After Strong Q1
Marketing efforts clearly paid off for Rocky Brands Inc. in the first quarter, with the company reporting a 9.1 percent earnings increase on a 7.4 percent revenue gain, both of which beat Wall Street’s estimates. Now the company plans to double down on that strategy by reinvesting some of the profits from last quarter into a revamped and rejuvenated marketing strategy aimed at taking more share across end markets.
Adidas, Reebok and Patagonia top 2019 Fashion Transparency Index
Three sportswear and outdoor brands – Adidas, Reebok and Patagonia – are leading the way on transparency amongst the world’s 200 largest fashion brands and retailers by disclosing a wide range of human rights policies, commitments and outcomes, as well as who their suppliers are, Fashion Revolution’s Fashion Transparency Index 2019 revealed.
Burlington Stores Announces Leadership Succession Plan
Burlington Stores Inc., the off-pricer, announced a leadership succession plan. The changes include Michael O’Sullivan, formerly president and COO of Ross Stores, Inc., joining the company as CEO in September.
Shimano Sees Modest Revenue Gain In Q1
Shimano Inc. reported earnings decline 6.9 percent in the first quarter ended March 31 as sales gained 2.9 percent. Operating earnings declines at Bicycle Components segment offset gains in the Fishing Tackle segment.
Rocky Brands’ Q1 Profits Climb 9 Percent
Rocky Brands Inc. reported earnings rose 9.1 percent in the first quarter on a 7.4 percent revenue gain. The gains were supported by higher gross margins and an 18.2 percent jump in retail sales.
Nike Announces Dr. John C. Lechleiter’s Retirement From Board
Nike Inc. announced that Dr. John C. Lechleiter, a director of the company since 2009 and former chairman, president and chief executive officer of Eli Lilly and Company, has decided to retire and will not stand for re-election to the board of directors of Nike Inc. at the September 2019 Annual Meeting of Shareholders.
Consumers Willing To Pay Up For Sustainability
According to CGS 2019 U.S. Consumer Sustainability Survey, more than two-thirds of Americans consider sustainability when making a purchase and are willing to pay more for sustainable products. Gen Z shoppers led the way, with 68 percent having made an eco-friendly purchase in the past year.
Kohl’s To Accept Amazon Returns At All Stores
Kohl’s announced that all Kohl’s stores will be accepting free, unpackaged returns for Amazon customers starting in July.
CrossFit Removes Footwear Restrictions
CrossFit has lifted a rule barring athletes from wearing footwear other than Reebok when competing in the CrossFit Games.
Saucony Appoints Shawn Hoy As VP Of Product
Saucony, a division of Wolverine Worldwide Inc., announced the appointment of Nike veteran Shawn M. Hoy to vice president of global product, effective immediately. In his new role, Hoy will be responsible for guiding Saucony’s global brand footwear and apparel strategies, including design, development, and product innovation.
Rack Room Shoes Appoints CIO
Rack Room Shoes has appointed Brian Minnix as chief information officer.
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