Adidas, Foot Locker Form New Long-Term Strategic Partnership
May 05 2022 - 5:31PM
Dow Jones News
By Stephen Nakrosis
Sports apparel and footwear retailer Foot Locker Inc. and adidas
AG on Thursday said they entered into a "new and enhanced
partnership built around product innovation, elevated experiences,
and deeper consumer connectivity."
The new agreement includes all Foot Locker banners in North
America, EMEA and Asia-Pacific, and will target over $2 billion in
retail sales by 2025, nearly triple the levels from 2021, the
companies said. This year, adidas expects to generate incremental
revenues of up to EUR100 million as a result of the new
partnership, the companies said.
Foot Locker will lead adidas' basketball offering and the
retailer will also play a prominent role in the launch of adidas'
new Sportswear product division, according to the companies. The
two companies said they will also "increase their digital focus and
accelerate the rollout of the adidas partner program at Foot
Locker."
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
May 05, 2022 17:16 ET (21:16 GMT)
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