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.”