Foot Locker's (FL) LCKR Launch to Tap Casual Wear Demand
Foot Locker, Inc. FL remains committed to improve its performance through operational and financial initiatives. The company constantly makes solid efforts to boost digital capabilities and strengthen its product assortments.
Progressing along such lines, the athletic footwear and apparel retailer is set to launch its private label apparel line — LCKR — on Oct 20.
The initial LCKR collection will be introduced to Foot Locker stores worldwide and online with more collections releasing through the end of 2021 and into 2022. The company looks forward to expand the collection into Canada. LCKR will have a price tag ranging from $40 to $75 and is available in men's sizes varying between S and XXL including full-zip hoodies, cargo pants, matching track jacket and pant sets.
The LCKR collection houses comfortable fleece sets with trendy options so that customers can get their tailored look. Some of the major items include fleece pullover hoodies and tapered sweatpants. The collection also has options in neutral go-tos like Heather Grey, Bright White and Jet Black and brings seasonal colorway choices including Dusty Rose, Back Forest, Blueprint and so on.
Foot Locker rolled out a series of exclusive capsules in recent years. This includes partnerships with Melody Ehsani and Don C. Through the unveiling of LCKR, which amalgamates sneaker and sport culture, the company is on track to serve its customers’ casual wear needs with style and comfort. LCKR defines the modern iteration of an iconic and trend-forward collection.
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This New York-based athletic retailer is continuously making prudent investments and executing strategic buyouts to attain sustainable growth. In early August, Foot Locker had entered into agreements to acquire Eurostar, Inc. (WSS) for $750 million and Text Trading Company, K.K. (atmos) for $360 million. On Sep 20, it concluded the buyout of WSS. WSS is a U.S.-based athletic footwear and apparel retailer, mainly operating on the West Coast.
WSS is a complementary addition to Foot Locker’s portfolio and boasts an impressive customer base rooted to the Hispanic community. Since its inception 37 years back, WSS has successfully developed a high-growth business by pioneering the neighborhood-based store model and focusing on a full-family offering. Hence, this brand enhances the company’s product mix and looks forward to reinforce the buyer’s foothold with a complete off-mall store fleet across major markets. Foot Locker is benefiting from WSS' assortment of classic styles, a unique market position, robust customer base and a real-estate portfolio.
Overall, Foot Locker continues to gain from healthy demand from customers as outdoor activities are picking up the pace amid relaxation of the pandemic norms. The company has also been investing in digital platforms, improving supply-chain efficiencies and effectively managing inventory for a while now. Its strategic deals including the partnership with NIKE NKE to enhance its assortment and drive growth are also impressive. The company is progressing well with its FLX membership program too.
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So far in the year, shares of this presently Zacks Rank #2 (Buy) stock have increased 17.6% against the industry's 1.8% dip.
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