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Foot Locker signs partnership deal with Adidas

By Rachel Douglass

May 6, 2022

Business

Image: Foot Locker Inc.

Sportswear giant Adidas has signed an enhanced partnership with Foot Locker that will see the retailer become the lead partner for the brand’s basketball category.

Set to include all Foot Locker banners in North America, EMEA and Asia-Pacific, the partnership will also centre around the development and expansion of key franchises across women’s, kid’s and apparel.

The strategic deal will target over two billion dollars in retail sales by 2025, Adidas said in a release, which will triple its sales from 2021. It added that it expects to generate incremental revenues of up to 100 million dollars following the partnership.

Led by Fear of God founder Jerry Lorenzo, Foot Locker will be the driver behind Adidas’ basketball offering, with plans to create exclusive positions in both lifestyle and performance categories.

Additionally, the deal will also play a role in the launch of Adidas’ new sportswear product division for Foot Locker, which will target lifestyle consumers.

Furthermore, to carry out the plan Adidas said it will be providing Foot Locker with a team dedicated to elevating the retailer’s in store and online experience and will include working on product development, positioning, product allocations and an elevated premium presence across the retailer’s entire portfolio.

A particular element of the partnership will see both Adidas and Foot Locker increase their digital focus, accelerating the rollout of the Adidas partner programme at Foot Locker.

Chairman and CEO of Foot Locker, Richard Johnson, said on the deal: “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.

“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.”

ADIDAS
Foot Locker