Partnership advances joint commitment to
sports community and sneaker culture
HERZOGENAURACH, Germany and NEW
YORK, May 5, 2022 /PRNewswire/ -- adidas AG
(XETRA: ADS.DE) ("adidas"), a global leader in the sporting goods
industry, and Foot Locker, Inc. (NYSE: FL) ("Foot Locker"), the
New York-based specialty athletic
retailer, today announced a new and enhanced partnership built
around product innovation, elevated experiences, and deeper
consumer connectivity. This enhanced relationship will establish
Foot Locker as the lead partner for adidas in the basketball
category, accelerate energy and hype launches, as well as include
the development and expansion of key franchises across women's,
kids, and apparel. Including all Foot Locker banners in
North America, EMEA, and
Asia-Pacific, the new strategic
partnership will target over $2
billion in retail sales by 2025, nearly tripling levels from
2021. In 2022, adidas expects to generate incremental revenues of
up to €100 million as a result of the new
partnership.
"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 Chief Executive
Officer of 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 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. In addition, the
collaboration will focus on key Originals franchises including NMD,
Superstar and Stan Smith, and on the
adidas influencer partnership portfolio. It will also include a
prominent role for Foot Locker in the launch of adidas' new
Sportswear product division targeting the lifestyle
consumer.
To execute the new plan, adidas will provide Foot Locker with a
dedicated team to deliver an elevated consumer experience both in
stores and online to help create demand and elevate the
marketplace. This will involve partnership on product development,
exclusive Foot Locker positioning, increased product allocations,
shared marketing spend, and an elevated premium presence across
Foot Locker's entire portfolio of banners with a special focus on
key cities and communities that the companies jointly serve.
Lastly, to provide consumers with a seamless consumer journey, on
and offline, both partners will increase their digital focus and
accelerate the rollout of the adidas partner program at Foot
Locker.
Disclosure Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. Other than statements
of historical facts, all statements which address activities,
events, or developments that adidas and/or Foot Locker anticipate
will or may occur in the future are forward-looking statements.
These forward-looking statements are based on adidas and Foot
Locker's current expectations and beliefs concerning future
developments and their potential effects on both companies and are
subject to a number of risks and uncertainties, many of which are
unforeseeable and beyond adidas and Foot Locker's control. Any
changes in such assumptions or factors could produce significantly
different results. adidas and Foot Locker undertake no obligation
to update forward-looking statements, whether as a result of new
information, future events, or otherwise.
About adidas
adidas is a global leader in the sporting goods industry.
Headquartered in Herzogenaurach/Germany, the Company employs more than 61,000
people across the globe and generated sales of €21.2 billion in
2021. For more information, please visit
www.adidas-Group.com.
About Foot Locker, Inc.
Foot Locker, Inc. leads the celebration of sneaker and youth
culture around the globe through a portfolio of brands including
Foot Locker, Kids Foot Locker, Champs Sports, Eastbay, atmos, WSS,
and Sidestep. With approximately 2,900 retail stores in 28
countries across North America,
Europe, Asia, Australia, and New
Zealand, as well as websites and mobile apps, the Company's
purpose is to inspire and empower youth culture around the world,
by fueling a shared passion for self-expression and creating
unrivaled experiences at the heart of the global sneaker community.
Foot Locker, Inc. has its corporate headquarters in New York. For additional information please
visit www.footlocker-inc.com.
adidas Contacts
Media
Relations
corporate.press@adidas.com
+49 (0) 9132 84-2352
Investor Relations
investor.relations@adidas.com
+49 (0) 9132 84-2920
Foot Locker Contacts
Investors
Robert Higginbotham
Vice President, Investor Relations
robert.higginbotham@footlocker.com
(212) 720-4600
Media
Cara Tocci
Vice President, Corporate Communications
cara.tocci@footlocker.com
(914) 582-0304
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SOURCE Foot Locker, Inc.