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Dive Brief:<\/h3>\n\n- In a new retail partnership, Foot Locker will begin selling HeyDude merchandise online and in 450 Foot Locker, Champs Sports and Kids Foot Locker locations in North America, according to an emailed announcement.<\/span><\/span><\/span><\/span><\/span><\/span><\/li>\n
- After the initial rollout, the company plans to offer the brand in more locations, including in other countries.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/li>\n
- \u201cAs we strategically grow the HeyDude\u00a0business, working with a trusted partner like Foot Locker, Inc. was the perfect fit given the retailer\u2019s global footprint and vast community of next generation consumers,\u201d Sean Finucane, HeyDude\u2019s senior vice president and general manager of North America, said in a statement.\u00a0<\/li>\n<\/ul>\n
Dive Insight:<\/h3>\n
Foot Locker\u2019s decision to add HeyDude\u2019s merchandise comes as the company seeks to replace some of its former Nike inventory. In February 2022, the company <\/span><\/span><\/span><\/span><\/span><\/span>said that the amount of Nike<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u00a0products would \u201cdecline meaningfully\u201d as Nike shifted toward direct-to-consumer sales and away from its retail partners. At the time, Nike was Foot Locker\u2019s largest supplier.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\nFollowing Nike\u2019s shift away from wholesale, CEO Mary Dillon is continuing bringing <\/span><\/span><\/span><\/span><\/span><\/span>more brands into its stores<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u00a0and ramping up the contribution from other suppliers.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n\u201cAs a footwear brand whose values of style, comfort and accessibility in many ways matches that of our customers, HeyDude seamlessly fits into our growing product assortment for the whole family,\u201d Chris Santaella, senior vice president and chief merchandising officer at Foot Locker, said in a statement.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\nWhile HeyDude helps Foot Locker expand its product assortment, the brand has accelerated growth at its parent company. Crocs\u00a0announced plans to buy the brand at the end of 2021<\/span><\/span>\u00a0in a $2.5 billion deal. After the acquisition, HeyDude <\/span><\/span><\/span><\/span><\/span><\/span>changed its branding<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>, including updated fonts, logos, color schemes and marketing strategy to connect with current and new customers.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\nSo far, the deal has paid off for Crocs.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span>In Q1 earnings reported last week, Crocs\u00a0said HeyDude\u00a0rose nearly 105% year over year to $235.4 million. Together, Crocs and HeyDude reached a record $3.6 billion in revenue in 2022, and Crocs aspires to make HeyDude a billion-dollar brand by next year.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n\u201cThe HeyDude brand is gaining momentum and experienced outstanding DTC growth,\u201d Crocs CEO Andrew Rees said in a statement regarding Q1 results.\u00a0\u00a0<\/p>\n<\/p><\/div>\n
Dive Insight:<\/h3>\n
Foot Locker\u2019s decision to add HeyDude\u2019s merchandise comes as the company seeks to replace some of its former Nike inventory. In February 2022, the company <\/span><\/span><\/span><\/span><\/span><\/span>said that the amount of Nike<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u00a0products would \u201cdecline meaningfully\u201d as Nike shifted toward direct-to-consumer sales and away from its retail partners. At the time, Nike was Foot Locker\u2019s largest supplier.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n Following Nike\u2019s shift away from wholesale, CEO Mary Dillon is continuing bringing <\/span><\/span><\/span><\/span><\/span><\/span>more brands into its stores<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u00a0and ramping up the contribution from other suppliers.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n \u201cAs a footwear brand whose values of style, comfort and accessibility in many ways matches that of our customers, HeyDude seamlessly fits into our growing product assortment for the whole family,\u201d Chris Santaella, senior vice president and chief merchandising officer at Foot Locker, said in a statement.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n While HeyDude helps Foot Locker expand its product assortment, the brand has accelerated growth at its parent company. Crocs\u00a0announced plans to buy the brand at the end of 2021<\/span><\/span>\u00a0in a $2.5 billion deal. After the acquisition, HeyDude <\/span><\/span><\/span><\/span><\/span><\/span>changed its branding<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>, including updated fonts, logos, color schemes and marketing strategy to connect with current and new customers.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n So far, the deal has paid off for Crocs.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span>In Q1 earnings reported last week, Crocs\u00a0said HeyDude\u00a0rose nearly 105% year over year to $235.4 million. Together, Crocs and HeyDude reached a record $3.6 billion in revenue in 2022, and Crocs aspires to make HeyDude a billion-dollar brand by next year.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n \u201cThe HeyDude brand is gaining momentum and experienced outstanding DTC growth,\u201d Crocs CEO Andrew Rees said in a statement regarding Q1 results.\u00a0\u00a0<\/p>\n<\/p><\/div>\n