Adidas seems to be picking up some of the extra space Nike is leaving in Foot Locker. The athletics giant on Thursday announced a long-term partnership with Foot Locker that includes expanding key franchises in women’s, kids and apparel.
The new deal makes Foot Locker the “lead partner” for Adidas’ basketball offerings, according to a company press release. Foot Locker will also play a “prominent role” in the launch of Adidas’ new lifestyle sportswear product.
Adidas is targeting over $2 billion in retail sales from the partnership by 2025, which nearly triples 2021 levels. In the coming year, Adidas expects to make up to 100 million euros ($105 million) as a result of the deal.Retail Dive