Foot Locker Invests in commerce platform Ntwrk
today Sep 26, 2019
American sportswear retailer Foot Locker Inc. announced this week a $3 million investment in Ntwrk, a youth culture e-commerce and content platform that works with celebrities and brands to sell limited-edition merchandise.
Through the investment, Foot Locker will leverage Ntwrk's serialized format to release exclusive products and original content.
"At Foot Locker, we are focused on continuing to elevate the customer experience and investing for growth, and our partnership with Ntwrk reflects our commitment to driving our business in new and exciting ways,” said Richard Johnson, Foot Locker, chairman and chief executive officer.
“We look forward to working closely with Aaron and the Ntwrk team to deliver exclusive products and experiences for our customers and extend our reach in youth culture."
Launched in 2018, the platform mixes content creation, episodic programming, experiential activations and exclusive launches to drive e-commerce sales, allowing brands and artists to tell the stories behind their most compelling products.
Their partnerships, which include brands that are complementary to Foot Locker's offerings, such as Nike, Jordan, adidas, Puma, Champion and New Balance, focus on demand creation and commercializing hype in new and exciting ways.
Headquartered in Los Angeles, California and led by CEO Aaron Levant, Foot Locker’s investment closes Ntwrk’s Series A round of $10 million, which was also led by investments from Live Nation. It was initially backed by Warner Brothers Entertainment.
"Ntwrk is building the content platform and retail marketplace of the future through an approach that has undeniably elevated the consumer experience. We are excited to partner with Foot Locker on this journey, further enhancing what experiential commerce means to the consumer. Given Foot Locker's strong, global track record for retail leadership, we collectively aim to exceed the expectations of the next wave of consumers," added Levant.
Earlier this year, Foot Locker also made a strategic minority investment of $100 million in sneaker resale platform Goat Group, again opening the door to synergies based on the companies’ respective strengths in physical and digital retail.
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