Foot Locker to focus more on Adidas as Nike lowers presence

　　div classBodysc17zpet90 cdBBJodivpReuters – Foot Locker Inc is aiming to triple Adidas‘s sales of sneakers and other items at its stores, as it promotes the products of the German sportswear giant to counter Nike Inc’s shrinking presence at the retail chain. p

　　Nike, which is building its directtoconsumer DTC business, will account for about 60 of total purchases for 2022, down from 70 in the past year and 75 in 2020, Foot Locker said in February.pdivdivdiv classBodysc17zpet90 cdBBJodiv

　　The partnership will target over 2 billion in retail sales by 2025, nearly tripling from 2021 levels, with Adidas expecting to rake in up to 100 million euros 105.41 million more in revenue this year.

　　Foot Lockers tieup with Adidas will involve increased product allocations and shared marketing spend, the retailer said on Thursday. p

　　“Foot Locker will lead Adidas basketball offering … the collaboration will focus on key Originals franchises including NMD, Superstar and Stan Smith,” according to a combined statement from the firms.

　　1 0.9487 eurosp

　　Reporting by Praveen Paramasivam in Bengaluru Editing by Anil DSilva

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