Foot Locker invests 12.5 million USD in Rockets of Awesome

Foot Locker is making its third investment in a promising company in 2019 alone. Less than a month after acquiring a stake in sneaker marketplace Goat for 100 million US dollars, Foot Locker has announced another investment of 12.5 million US dollars in Rockets of Awesome, a kidswear apparel brand company from New York which also offers a subscription service for kidswear priced under 40 dollars. The items in the box can be easily mixed and matched so that children can dress themselves.

“Rockets of Awesome is advancing the way parents shop for their kids and Foot Locker is committed to evolving with the ever-changing retail landscape and adjusting to the speed of our customers”, said Richard Johnson, Foot Locker’s Chairman and CEO, in a statement, signaling that the string of investments is a way for Foot Locker to remain relevant. “We look forward to collaborating with them on brand development, product collections, and go-to market plans to help realize additional growth for both companies”, added the CEO.

Rockets of Awesome stated it will use the investment to build a brick and mortar presence and “an integrated omnichannel customer experience”, a task for which Foot Locker’s helping hand comes extremely handy. As part of the partnership, Foot Locker will create exclusive shop-in-shop retail spaces for Rockets of Awesome, as well as adding Rockets of Awesome merchandise to its kidsfootlocker.com webshop.

The investment is yet another proof that Foot Locker is looking to expand in the childrenswear segment. In January, the company invested 3 million USD in Super Heroic Inc, a startup founded by two former Nike executives developing high-performance sportswear for kids.

Picture: courtesy of Rockets of Awesome/Foot Locker