The Company Reports on Funding Through FY21 Year-End for
Leading Education & Economic Development (LEED)
Initiative
NEW
YORK, Aug. 1, 2022 /PRNewswire/ -- Foot Locker,
Inc. (NYSE: FL), the New
York-based specialty athletic retailer, commemorated the
start of National Black Business Month with the release of its
second annual progress report detailing its efforts to equip and
empower the Black community globally.
Launched in June 2020, the Leading
Education & Economic Development (LEED) Initiative is the
Company's $200 million commitment to
the Black community. Through FY21 year-end, the Company has funded
nearly $54 million in investments and
partnerships geared towards economic and educational opportunities
in the Black community. This includes expanding programming to
uplift Black students and employees and operationalizing the
Company's approach to elevating and working with Black vendors,
community non-profits, creators, and professional service
partners.
"Our commitment to the Black community goes beyond words and is
part of how we do business," said Richard
Johnson, Chairman and CEO, Foot Locker, Inc. "Through
strategic investments, community partnerships, and opportunities
that empower, we are taking actionable steps to drive meaningful
and lasting change both within our organization and in the
communities we serve."
Since June 2020, the Company made
an impact in the following areas:
Empowering Black entrepreneurs and designers and investing in
Black-led venture capital firms
- More than $17 million invested in
Black-owned brands, as we diversify our assortment mix and offer
consumers more options. In the two years since we announced LEED,
we have invited and empowered Black-owned brands including Pro
Standard, Don C, Abeille Creations, Grady Baby Company &
Apparel, and Clan de Banlieue, among others to join the Foot
Locker, Inc. ecosystem. From hyperlocal brands designing curated
drops in our community stores to emerging brands in the global
market across North America, EMEA,
and Asia Pacific, we continue to
seek out and celebrate Black brands and creators.
- $21 million committed to
seven Black-led VC firms. Funding to Black-owned
startups and businesses is disproportionally small.
The Black-led VC firms Foot Locker, Inc. committed funds to are
dedicated to investing in diverse founders. Among the underlying
portfolios, are companies that offer products, apps, and services
that enhance the health, wealth, and wellbeing of the Black
community and provide unique opportunities for
growth.
- More than $10.8 million
invested in partnerships with Black-owned vendors for key
services and supplies, including, marketing and public
relations; information technology; general construction,
architecture, site engineering, store fixtures, and maintenance;
and meetings and events. These vendor partners include Flowers
Communications Group, Obsidianworks, Telrose Corporation, and
Ten35, among others.
- Trained 160 creatives through the Designing with Sole
initiative, a global intensive design program built in partnership
with Pensole and New Balance that creates opportunity for
underrepresented voices in the footwear industry.
Investing in Black and other underserved communities around
the globe
- Through the Foot Locker Foundation Community Empowerment
Program, developed in partnership with the Local Initiatives
Support Corporation (LISC) and Laureus Sport for Good, awarded
25 community organizations between $20,000 and $100,000 each to provide programming that
advances health, wealth, and upward mobility in under-invested
communities.
These programs serve an estimated 11,000 youth ages 4 to 24 in 19
cities across six countries. Year one winners for the U.S. program
can be found here and the first round of international winners can
be found here.
- Expanded our support to UNCF, increasing scholarships to
Black students.
Supporting Black team members at Foot Locker,
Inc.
- Expanded our internal scholarship program by adding 10
scholarship awards annually, which are dedicated to Black team
members. This totals an additional $50,000 in scholarship funding per
year.
- Created a Bridge Internship program, which creates
pathways to corporate office roles for store team members. Since
2021, the program has expanded globally and provided more than 70
team members with intern positions in corporate functions such as
marketing, finance, information technology, merchandising, buying,
and customer experience.
- Launched a financial literacy program in partnership
with the Society for Financial Education and Professional
Development (SFEPD), to teach personal money concepts that will
enhance participants' ability to make informed and sound financial
decisions to maximize their earnings, accumulate retirement
savings, and create wealth. The financial literacy program
acknowledges the historical racially discriminatory policies like
redlining, predatory and discrimination lending practices, and
housing zoning laws that have affected communities of color and
resulted in economic inequality and inequities.
- Continued support for the Company's formal Employee Resource
Group, B.U.I.L.D. (Blacks United in Leadership and
Development, serving African American, Black, African, and
Caribbean employees) to design and
execute programming in service of amplifying and advocating for a
more equitable and sustainable Black work experience, and access to
more robust career development
opportunities.
For more information on LEED, please visit: LEED Initiative
(footlocker-inc.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 2,800 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 footlocker-inc.com.
Media Contact:
Cara Tocci
Vice President, Corporate Communications
cara.tocci@footlocker.com
(914) 582-0304
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SOURCE Foot Locker, Inc.