Foot Locker invests $12.5 million in kid's clothing company Rockets of Awesome—the latest in a string of deals
An employee arranges a sneaker display at a Foot Locker Inc. store inside the South Park Mall in Strongsville, Ohio.In its latest deal to be announced Tuesday, the sneaker retailer has invested $12.5 million inThis follows Foot Locker's $100 million investment in online sneaker resell platform Goat Group, along with investments in lifestyle brand Super Heroic, activewear brand Carbon38 and footwear design academy Pensole.
Foot Locker's investment in Rockets of Awesome is part of the online retailer's $19.5 million Series C funding round. Now, Rockets of Awesome — which hasn't had much of a bricks-and-mortar presence to date other than a handful of pop-up shops — will be opening mini stores within Foot Locker locations across the country. Rockets of Awesome is also going to begin selling on Foot Locker's children's website.
In inking deals like the one with Goat and now Rockets of Awesome, Foot Locker is looking to stay top of mind as a destination of choice with younger consumers. Younger brands like Carbon38 — which sells super chic sports bras and leggings that could retail for upwards of $200 — are popular with millennials on social media. Those digital relationships with customers are something Foot Locker — as a massive bricks-and-mortar retailer — has a harder time building on its own.
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