Adidas and Foot Locker announces new long-term partnership
Adidas and Foot Locker have announced a new strategic partnership to target over £1.6 billion ($2 billion) in retail sales by 2025, with Adidas expecting to generate incremental revenues of up to £85 million (€100 million) in 2022.
The partnership will establish Foot Locker as the lead partner for Adidas in the basketball category, key launches, and the development and expansion of key franchises across women's, kids, and apparel.
The New York-based retailer will lead Adidas' basketball offering, led by Fear of God founder and designer Jerry Lorenzo, spanning the lifestyle and performance categories.
In addition, the collaboration will focus on key Originals franchises including NMD, Superstar and Stan Smith, and on the Adidas influencer partnership portfolio alongside Foot Locker's role in the launch of adidas' new Sportswear product division targeting the lifestyle consumer.
As part of the partnership, Adidas will provide Foot Locker with a dedicated team to help deliver on elevated consumer experience both in stores and online, and accelerate the rollout of the Adidas partner program at Foot Locker.
Kasper Rorsted, CEO of Adidas said: "We are delighted to be deepening our partnership with Foot Locker as we continue to execute our 'Own the Game' strategy. 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."
Richard A. Johnson, Chairman and Chief Executive Officer of Foot Locker, Inc added: "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."
