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Foot Locker to focus more on tripling sales of Adidas products as Nike lowers presence
Foot Locker Inc is aiming to triple its sales of Adidas sneakers and other items at its stores to counter Nike Inc's shrinking presence.
Nike's direct-to-consumer (DTC) business will account for roughly 60% of total transactions in 2022, according to Foot Locker, down from 70% last year and 75% in 2020.
The partnership aims to produce more than $2 billion in retail sales by 2025, nearly tripling what it did in 2021, with Adidas expecting to earn up to $105.41 million more this year.
Foot Locker's agreement with Adidas will include increased product allocations and shared marketing expenditures, the firm stated on Thursday.
Foot Locker will lead Adidas' basketball offering with the collaboration focusing on key Originals franchises, such as NMD, Superstar, and Stan Smith, according to both firms.