German sporting goods brand adidas has entered a strategic partnership with New York-based speciality athletic retailer Foot Locker.
The long-term partnership makes Foot Locker adidas’ lead partner in the basketball category.
Foot Locker will lead adidas’ basketball offering across the lifestyle and performance categories and develop exclusive positions in both areas.
Fear of God founder and designer Jerry Lorenzo will direct the product portfolio.
In addition, the partners will develop and expand key franchises in the women’s, children’s and apparel categories, including all Foot Locker banners in North America, Europe, the Middle East and Africa (EMEA) and Asia-Pacific.
The partnership will also pay attention to adidas’ key Originals franchises, including NMD, Superstar and Stan Smith.
Foot Locker chairman and CEO Richard Johnson said: “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.”
Through the partnership, Foot Locker and adidas aim to increase their retail sales to more than $2bn by 2025, almost three times the levels recorded last year.
A dedicated team from adidas will work to help Foot Locker improve its consumer experience both in-store and online.
adidas expects to generate incremental revenues of up to €100m ($105.15m) from the partnership.
adidas CEO Kasper Rorsted 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.”