Adidas has joined hands with Foot Locker to target US$2 billion in retail sales by 2025, making the New York-based retailer the lead partner in its basketball category.
The partnership also focuses on the development and expansion of key franchises across women’s, kids, and apparel, including NMD, Superstar and Stan Smith. Adidas projects about €100 million (US$105 million) of incremental revenues that will be generated from the collaboration.
“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,” said Kasper Rorsted, CEO at Adidas.
Adidas’ basketball will be led by Fear of God founder and designer Jerry Lorenzo, spanning the lifestyle and performance categories, and develop exclusive positions in both areas. It will also include a prominent role for Foot Locker in the launch of Adidas’s new sportswear product division targeting the lifestyle consumer.
Chairman and CEO of Foot Locker, Richard A Johnson, said the partnership will accelerate its push into apparel, adding a new dimension to the assortment and bringing more customers into the ecosystem.