How age-old retailers like Foot Locker are boosting sales for new brands like Hoka and On
The number of On shoes sold at Foot Locker increased by 50% over the last three months of 2022, compared to the third quarter. Martin Hoffman, On's co-CEO and CFO, credited the growth partly to the"continued demand among younger consumers for products such as the Cloudnova," one of On's most popular silhouettes.
In 2022, On increased the number of stores selling its sneakers by 15% and grew wholesale revenue 73%. And the company believes it has more room for growth. Its sneakers are available in less than 400 locations of the three major sneaker chains Foot Locker, JD Sports, and Dicks Sporting Goods. The retailers combined have over 1,800 brick-and-mortar locations in the US alone, not including other portfolio brands like Champs and Finish Line.
As for Hoka, wholesale revenue for the brand increased by 83% in its most recent quarter. The company has historically considered running specialty stores as its bread and butter but has recently expanded into Dicks Sporting Goods, REI, and Foot Locker. "The door count and assortment of Hoka and On Running, are two great examples of newer brand partners thriving in the Foot Locker retail environment," Franklin Bracken, Foot Locker's chief commercial officer, said during investor day. Subscribe to push notifications
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